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FHA: The Basics- Test your knowlege! Part 2

Hey, this is cute! Now I need to go find Part 1 from Cindy Edwards so you complete the entire pop quiz. The answers are at the bottom so fret not if you get stumped. I will have to go take my two pop quizzes, too. Report Card time!

www.cindyedwards.com11) FHA allows the seller to pay a maximum of 6% seller contribution towards closing costs and pre-paids.

True or False

12) The monthly mortgage insurance (M/I) for a maximum financed FHA loan on a 30 year term is 1.15%.

True or False

13) Unlike VA and USDA, FHA does not charge a funding fee.

True or False

14) FHA only charges a monthly mortgage insurance premium of .50% for loans of 15 years and less.

True or False

15) The number one issue that slows down the appraisal process is the failure of the agents to make sure the power and water is turned on.

True or False

16) FHA does not allow the following item(s) to be included or listed in the contract and sales price:

A)Refrigerator B)Lawn Mower C)Chandelier D)Stove E)C&D F)A&B

17) FHA loans are ASSUMABLE.

True or False

18 ) Some FHA loans can be refinanced without the need for an appraisal.

True or False

19) If the borrower who is obtaining an FHA loan changes lenders in mid process, the new lender MUST get a full appraisal.

True or False

20) Due to ordering/obtaining case #'s, FHA loans take longer to close than conventional loans.

True or False

 

Answers:

11)True 12)False(1.25%) 13)False(1.75%) 14)True 15)True 16)F 17)True 18)True 19)False (appraisal must be transferred with case #) 20) False

Cindy Edwards- text or call me: 423-677-6677 

Cindy EdwardsMy name is Cindy Edwards and I am a Realtor in Tri-Cities Tennessee. We have a very successful Team concept that has something for everyone.  If you are looking to buy or sell in Johnson City, Bristol or Kingsport Tennessee, you have made the right stop here! Please visit our website that is about the surrounding area of the Tri-Cities and helps you realize what a fantastic place this area is to live.  Tri-Cities is close to some very popular areas and boasts Mountains and lakes!

We have a full time photographer, handyman, web marketer and client care manager on our team.  As well as a buyers agent and I myself specialize in listing and selling YOUR property.  Please visit us on the web and let us make your next home buying or selling experience a positive one, you'll remember for years! Or goal is to have you come back to us  

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Tri Cities Tennessee

 

 

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Comment balloon 1 commentCheryl Ritchie • August 26 2012 06:20AM

Comments

Cheryl, Thanks for reposting Cindy's blog on FHA loans.  We all need to revisit the rules and regulations to stay on top of what is occurring on this process, when we have an FHA buyer.

Posted by Dan Hopper, Denver Realtor / Author / Advocate/Short Sale (Keller Williams Realty Downtown LLC) about 7 years ago

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