Mortgage Knowledge (2/17/26)

Row 1

100

If Interest Rates change by 75 BIPS, that means it changed by ___%

.75%

100

Appraisals range between $____ to $____

$550 - $650

100

How much is Mortgage Insurance for a borrower thats getting an FHA loan and putting 3.5% down?

.55% of the Loan Amount

100

If a client opens up their own business, how long do they need to wait before they qualify for a Conventional loan? 

They would need to wait until they can provide 2 years of Tax Returns

100

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 have 2 years of tax returns

Row 2

100

What is the highest your back-end DTI can be for an FHA buyer?

56.99%

100

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 

100

 How much is Mortgage Insurance for a USDA Loan? 

.35% of the Loan Amount

100

If a borrower goes from being a 1099 employee to a w-2 job with hourly Pay, how long do they have to wait before they can qualify for a loan?

12 Months

100

If the appraiser needs to go back out to a property to re inspect, how much is the re-inspection fee? 

$175

NOTE: There are times where an appraisal could charge a discounted rate of $125

Row 3

100

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

100

Which lending fee does a buyer NOT shop around for? 

- Appraisal Fee

- Attorney Fee

- Title Search Fee

- Appraisal Fee

100

Whats the minimum Credit score for an FHA borrower thats putting 3.5% Down?

580

NOTE: This is limited to borrowers with a STRONG file (Low DTI, Reserves, Etc)

100

What is PITI?

Principle, Interest, Taxes & Insurance

100

Closing costs in Pennsylvania & Maryland are ___% to ___% 

3-5%

Row 4

100

What is a VA borrower exempt from paying on their mortgage payment?

Mortgage Insurance

100

If a First Time Homebuyer in Delaware is buying OUTSIDE of a municipality, how much of their Transfer Tax would be exempt?

1.25% 

NOTE: Up to $5,000 Waived

100

What is something that an Underwriter will NOT review? 

- Bank Statements

- School Transcripts

- Credit Report

- Alimony 

- None of the Above

- None of the Above

100

What loan option allows a buyer to have a lower interest rate for the first 2 years?

2-1 Buy-Down

100

What is the minimum Credit score for an FHA Buyer thats putting 10%+ down?

500

NOTE: This is limited to borrowers with a STRONG file (Low DTI, Reserves, Etc)

Corey 5

100

Closing Costs in Delaware are ___% to ___% of the Purchase Price

4-6%

100

How many months of Property Taxes does a Buyer have to pay at settlement

12 Months

NOTE: A portion of this payment will be reimbursed to the Seller for pre-paid Taxes

100

If someone has Student Loans that are differed, how much of that balance would be factored into a borrowers DTI Ratio for an FHA Loan?

.5%

100

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

100

What is the maximum amount of units that an FHA borrower can finance on one loan? 

4-units