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FHA: The Basics- Test your knowlege

Peek at the bottom for the pop quiz results. What a fun way to present ideas. I might take a page out of Cindy Edwards' book. Or should I say Kindle because she likes that, too. Check out the second installment from her test? Race you to the finish line!

www.cindyedwards.com1) What is the name of FHA's most popular loan program?

A) 203b B) 403k C)203k D)401k

2) What is the maximum loan limit for our surrounding counties?

A)$269,500 B)$283,900 C)$271,050 D)$275,150

3) What is the minimum down payment FHA will allow?

A)3% B)3.5% C)3.75% D)2.5%

4) FHA has a MAXIMUM income limit the borrower's can make?

True or False

5) Which of the following down payment options does FHA allow?

A) Borrowed funds/secured loan B) Grant from non-profit organization C) Gift from family member D) All of the above

6) FHA has a minimum credit score of 620.

True or False

7) What is FHA's maximum debt ratio per their stated guidelines.

A) 29% B) 38% C) 40% D) 43%

8 ) FHA will make exceptions to the above guidelines.

True or False

9) Without extenuation circumstances, you must wait how long after bankruptcy before obtaining an FHA loan?

A) 1 year B) 2 years C) 3 years D) 7 years

10) Without extenuating circumstances, you must wait how long after a foreclosure ore deed-in-linu of foreclosure before obtaining an FHA loan?

A) 3 years B) 2 years C) 5 years D) 7 years

 

Answers:

1) A    2)C   3)B    4)False    5)D    6) False    7)D   8)True    9)B    10)A

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  

  You Tube       Facebook       Word Press      Twitter
Tri Cities Tennessee

 

 

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Comment balloon 1 commentCheryl Ritchie • August 26 2012 06:22AM

Comments

Great post and good brain test for a Sunday AM. have a great weekend!

Posted by Frank Laisch, "The Insurance Guy" about 7 years ago

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