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TEST: Understanding Niche Products Questions and Answers
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TEST: Understanding Niche Products Questions and Answers Repairs/renovations can begin AFTER the renovation loan closes. ✔✔ANSWER: True On a renovation loan, the LTV is based on the after-impro ... ved value of the home. ✔✔ANSWER: True On a FHA 203(k) Limited only structural repairs are allowed. ✔✔ANSWER: False Relief Refinance Program loans may only be manually underwritten. ✔✔ANSWER: False HomeOneSM and Home Possible® have median income limits. Borrowers whose household income exceeds the median limit are typically not eligible for these programs. ✔✔ANSWER: False There is no minimum credit score needed to run/submit both HomeOneSM and HomePossible® through an automated underwriting system. ✔✔ANSWER: True LPA will determine the acceptable ratio requirements for Home Possible® when there is not a manual underwrite. ANSWER: True ✔✔ Relief Refinance Program loans are meant to help homeowners who are current on their mortgage payments but cannot refinance due to the drop in their home value. ✔✔ANSWER: True First time homebuyers are required to take a homebuyer course to purchase a 1-unit single family residence when applying for a Home Possible® loan. ✔✔ANSWER: True Both HomeOneSM and Home Possible® will allow up to 100% LTV on a primary residence. ✔✔ANSWER: False You will always have MI on a Relief Refinance Program loan. ✔✔ANSWER: False Relief Refinance Program loans may be declined by FNMA or FHLMC. ✔✔ANSWER: True Draws are funds paid to the contractor and/or borrower to pay for completed work on a renovation loan. ✔✔ANSWER: True Home Possible® offer loans on manufactured housing. ✔✔ANSWER: True One of the LEAST common reasons that a renovation loan does not close is because the afterimproved value does not support the renovations being done to the home. ✔✔ANSWER: False Boarder income may be used as qualifying income as long as it does not exceed what percentage of the total qualifying income? ✔✔ANSWER: 30% Which of the following are included in the repair escrow account on a renovation loan? ✔✔ANSWER: Labor, Materials, Contingency Reserve Renovation loans can be used only to purchase a home. ✔✔ANSWER: False The maximum LTV on a USDA loan is _____%. ✔✔ANSWER: 100% Which of the following are general loan program requirements of Home Possible®? ✔✔ANSWER: Primary residence only All homes are eligible for USDA Rural development loans. ✔✔ANSWER: False A borrower can do both non-structural and structural repairs when using the FHA 203(k) Full program. ✔✔ANSWER: True The maximum loan amount for a FNMA HomeStyle renovation mortgage is $510,400. ✔✔ANSWER: True What is the maximum seller contributions on a HomePossible® with a 95% LTV? ✔✔ANSWER: 3% In participating states, a borrower can purchase a HUD home for as little down as $100. ✔✔ANSWER: True [Show More]
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