Conventional Loans
What is the minimum percentage down on a conventional loan for a first-time homebuyer?
3%
What does PITI stand for?
Acronym describing the main components of a mortgage payment: Principal, interest, taxes, insurance.
What is the lendable credit score for a home mortgage?
600
What is the minimum percentage down on an FHA loan for a repeat buyer?
3.5%
What is the highest mortgage rate on record?
18%
What is the conventional loan limit for 2024?
$766,550
What does DTI stand for?
Debt to income ratios
What 3 documents are requested by a lender when starting the pre-approval process?
Paystubs, bank statements, and W2/tax returns
What is the maximum percent of financing is allowed on a VA loan?
100%
Name my resource to create co-branded flyers, virtual open houses and other marketing tools
Total Expert
At what percentage down is mortgage insurance NOT required for this loan?
20%
A type of insurance that is required to ensure the property is free of liens or judgments which could jeopardize the mortgage
Title Insurance
When self-employed, how long of work history is required by a lender?
We must have a 2 year history.
What additional inspection is required for a VA loan?
Pest
A Type of mortgage in which the interest rate changes periodically, up or down, usually once or twice a year
Adjustable Rate Mortgage
For a conventional loan, how many months does an appraiser use for a comp when doing an appraisal?
6 months
What three numbers do you need to calculate DTI?
Housing payment, total debts and income.
What is the difference between pre-qualification and pre-approval?
Pre-qualification is verbal, pre-approval documentation has been verified.
Name the two main factors to qualify for a USDA loan
Property address and income
What is the name of the agency that offers Down Payment Assistance programs?
For a conventional loan, how many miles does a second home to be from your primary residence?
50 miles
Name all the products that allow 100% financing
USDA, VA
What is the minimum credit score needed for Jumbo financing?
720
In an FHA transaction how many feet does a property have to be away from a gas station?
300 Feet
True or False: TMOC is owned 50% by HPW
False