Show:
AUS
FHA
Construction Loans
THDA
Condo / PUD / Townhomes
100

The 2 most common DU recommendations for credit and eligibility

What is

1) Approve/Eligible

2) Approve/Ineligible

100

The maximum number of units allowed for FHA

What is 4 units?

100

The 3 approaches to Construction loans

What is 

  1. One time close
  2. Two Time Close
  3. Loan Modification
100

The acquisition cost in Rutherford, Davidson and Williamson

What is $400,000?

100

The difference between a Condo and Townhouse

What is 

Condo - Borrower owns interior only (air)

Townhouse - Borrower owns the interior and exterior

200

True / False

It is possible to improve your findings by documenting a 401K

What is True?

200

The government agency that insures FHA loans

What is the Federal Housing Administration?

200

The number of days an appraisal is good for in a C/P loan before it needs to updated or recertified

What is 120 days?

200

The occupancy type allowed for THDA

What is primary residence only?

Cannot be used for a second home or investment property.

200

CPM stands for

What is Condo Project Manager?

300

The number of days that a paystub should be dated prior to application

What is 30 days?

300

The minimum down payment required for an FHA loan with a credit score of 580 or higher

What is 3.5%?

300

True/False

The borrower or builder pays P & I during a C/P loan.

What is False?

Interest is typically paid

300

The minimum credit score for a Freddie Mac Advantage loan

What is 620?
300

The AUS condo review you want to receive

What is Streamline Review?

400

The 3 responses from LP

What is 

1) Accept

2) Refer

3) Caution

400

True/False

A borrower can use an FHA loan for investment or vacation properties

What is False?

FHA loans are only available for primary residences

400

Typically how many draws are needed in a C/P?

What is 6?

400

The advantage of a THDA loan over an FHA loan

What is offers a 1st and a 2nd mortgage?

400

True/False

A manufactured housing project is allowed per Fannie Mae

True

500

What does it mean when a credit profile is marked as "Eligible" on the DU findings?  (2)

What is 

1) The credit profile is approved 

2) The loan is eligible for sale to Fannie Mae

500

Name 2 benefits of an FHA loan

What is 

  • Low down payment (as low as 3.5%)
  • More flexible credit score requirements
  • Assumable loans (another person can take over the loan)
  • Allows for higher debt-to-income ratios than many conventional loans
500

Name 3 things you would look for as risk associated items in a condo review


What is

  • Financial stability
  • Condition and marketability
  • Subject to annexation or phases
  • Not fully completed
  • HOA stability
500

The 2 advantages that the Homeownership for Heroes program provides

What is 

 1) Reduced interest rate of (0.5%)

 2) Waive requirement to be a first-time homeowner in all areas of TN for qualified military or veterans

500

BONUS CATEGORY

The acceptable maximum age of a credit report at the time of loan closing

What is 120 days?