FHA
What is the minimum Down Payment for an FHA Loan?
3.5% of the Purchase Price
How much do you need to put down in order to avoid PMI?
20%
What does USDA stand for?
United States Department of Agricultural
What year were VA loans created?
1944
How much interest is charged for DPA?
0%
What does PITI stand for?
Principle, Interest, Taxes, Insurance
Whats the max amount of Sellers Assistance you can ask for with an FHA Loan if you're putting down the minimum Down Payment?
6%
What's the MAX amount of assistance that a Seller can give to a Buyer with Conventional Financing who's putting down the minimum Down Payment?
3% of the Purchase Price
NOTE: If they put 10% or more down, they can ask for up to 6% and if they put 25% or more down, they can ask fro up to 9%
Whats the minimum Down Payment for a USDA Loan?
0%
What inspection is always required
WDI Inspection
How much DPA is offered through the City of Wilmington?
What is the minimum Credit Score for a Conventional Buyer who's putting 5% down?
680
If someone purchases a property using an FHA loan, they must occupy the property within ___ day(s) of settlement.
60 Days
How much is the Funding Fee for a Conventional Loan?
$0
What is the Max Sellers Assistance for a USDA Loan?
6% of the Purchase Price
How much is Mortgage Insurance (MI) for a VA Loan?
Nothing / $0 / 0%
Whats the most DPA that DSHA offers? (%)
5%
What does the Back-End DTI ratio factor in?
Mortgage Payment + Debt
How much is Mortgage Insurance (MI) for someone getting an FHA Loan and putting down the minimum down payment?
.55% of the Loan Amount
What is the minimum Down Payment for a First Time Homebuyer thats getting a Conventional Loan?
3%
How much is the Funding Fee for a USDA Loan?
1% of the purchase price
What percentage of the Buyers Closing Costs can a Seller pay for if the Buyer is getting a VA loan?
What DSHA program only applies to Conventional Loans?
First State Home Loan 4%
What is the most a First Time Homebuyer can get waived for Transfer Tax in Delaware? (%)
1.25% of the Purchase Price.
The entire .5% State Tax and .75% off the County
What is the DTI Ratio for an FHA Buyer?
47/57
Conventional Loans usually need to meet _______ ________ & ___________ ____________ guidelines
Fannie Mae & Freddie Mac
How much is Mortgage Insurance (MI) for USDA loans?
.35% of the Loan Amount
What does VA stand for?
Who buys most loans that include the DSHA program?
LakeView
What does ALTA stand for?
American Land Title Association