Row 1
What does PITI stand for?
Principle, Interest, Taxes & Insurance
What does ARM stand for?
Adjustable Rate Mortage
What does REO Stand for?
Real Estate Owned
What does USDA stand for?
United States Department of Agriculture
What does ALTA stand for?
American Land Title Association
How much is the Funding Fee for a VA first time homebuyer who's putting 0% down?
- 1.25%
- 1.5%
- 2.15%
- 3.3%
- 2.15%
0-4.99% down = 2.15% (3.3% for repeat buyers)
5-9.99% = 1.5%
10%+ = 1.25%
As of 2026, what is MAX purchase price for FHA Buyer who is buying a Single Family Home in New Castle County, DE?
- $524,225
- $594,550
- $608,500
- $630,000
- $630,000
Which lending fee does a buyer NOT shop around for?
- Appraisal Fee
- Attorney Fee
- Title Search Fee
- Appraisal Fee
What is something that an Underwriter will NOT review?
- Bank Statements
- School Transcripts
- Credit Report
- Alimony
- None of the Above
- None of the Above
What is NOT included in your mortgage payment?
- Condo Dues
- Principle
- Property Taxes
- Homeowners Insurance
Condo Dues
What is TYPICALLY the minimum Credit score needed for an FHA Buyer thats putting 3.5% Down?
620
NOTE: Technically, FHA allows borrowers to have as low as a 580 credit score BUT this is limited to borrowers with a STRONG file (Low DTI, Higher Down Payment, Reserves, Etc)
NOTE: If an FHA Buyer is putting over 10% down, they could TYPICALLY have as low as a 540 credit score BUT technically they could have as low as a 500 credit score if they are a strong buyer with Low DTI, reserves, etc.
Who TYPICALLY pays for Deed Prep in Kent County?
Seller
If a borrower just graduated from nursing school and got a salary job at the Hospital, how long does she need to wait before she can qualify for a Conventional loan?
They don't have to wait
NOTE: The lender MAY require the Buyer to provide at least 1 pay stub
What type of Inspection is required for VA Buyers
WDI Inspection
NOTE: The Seller typically pays for this inspection and any subsequent inspections
Lenders can use a ______ ____ Simulator to figure out if there is any quick fixes to boost a Buyers Credit Score
What-If
A First Time Homebuyer in Delaware is Exempt from paying ____% to ____% of their Transfer Tax, UP TO $__________
.5% to 1.25%
$5,000
Appraisals range between $____ to $____
$550 - $650
Homes that are in a Flood Zone in Delaware are usually either in the ____ Year Flood Zone or _____ Year Flood Zone
100 Year or 500 Year
Closing Costs in Delaware are ___% to ___% of the Purchase Price IF you're paying CASH
3-4%
Closing Costs in Delaware are ___% to ___% of the Purchase Price IF you're getting a Mortgage
4-6%
If someone goes from being a w-2 employee to opening up their own business, how long do they have to wait to qualify for a mortgage?
They would need to wait until they can provide 2-years of tax returns
What is the highest your back-end DTI Ratio can be if you're getting an FHA Loan?
56.99%
NOTE: The DTI Ratio for FHA Borrowers is 47/57
This means their Mortgage Payment can NOT exceed 47% of their Monthly Income and their Mortgage Payment + Debt can NOT exceed 57% of their Monthly Income
If the appraiser needs to go back out to a property to re inspect, how much is the re-inspection fee TYPICALLY?
$175
NOTE: There are times where an appraisal could charge a discounted rate of $125
If Interest Rates change by 75 BIPS, that means it changed by ___%
.75%
How many months of Property Taxes does a Buyer TYPICALLY have to pay at settlement
14 Months
NOTE: A portion of this payment will be reimbursed to the Seller for pre-paid Taxes
How much is Mortgage Insurance for a borrower thats getting an FHA loan and putting 3.5% down?
.55% of the Loan Amount
How much is Mortgage Insurance for a USDA Loan?
.35% of the Loan Amount
$500
The Borrower would get a 2% lower interest payment for the First year and !% lower interest rate for the next year and then on year 3 it goes back to whatever the offered Fixed Rate at the time of being issued the loan
NOTE: The lender would calculate how much money they would lose by doing this and charge the Seller whatever that difference is
What is the maximum amount of units that an FHA borrower can finance on one loan?
4-units
NOTE: All 4 units must be on ONE Parcel
Once a 1099 Buyer has hit ___ years, they are only required to provide 1-year of Tax Returns
5 Years
If someone sets up a payment plan with the IRS, how many payments will they need to make before they could qualify for an FHA loan?
3 Months
If someone files a chapter 7 bankruptcy, how long do they have to wait before they can get an FHA Loan
2 Years from discharge date
What are the Bundle of Rights? (DEEPC)
The right of Disposition
The right of Enjoyment
The right of Exclusion
The right of Possession
The right of Control
12 Months