Exam 8: Part I: Real Estate Lenders

The CalHFA program:

Fannie Mae is the:

In an installment sales contract, title to the property is held by the

Which program has the seller deed title to the government?

For qualifying purposes, monthly housing payments include:

Which organization requires a CRV appraisal before approving a loan?

When a borrower pays mortgage insurance on an FHA loan, this type of insurance:

Which of the following are major types of California lenders:

Traditionally, the total monthly expenses should not exceed____ to ____of the borrower's gross monthly income.

When the Department of Veteran's Affairs "guarantees" a loan, it does so in order to protect the:

Which of the following is an institutional lender?

The term impound most nearly means:

The three major credit reporting agencies are:

Sylvia wants to purchase a home. She is recently divorced and is receiving alimony for the next ten years in addition to child support for her three year old son. She has been in her present job for five years. What sources of income can she include in her loan application?

For gross income purposes, most lenders want the borrower to have at least a:

A straight note differs from an installment note

A type of financing instrument in which the owner (vendor) retains the legal title until the buyer (vendee) fulfills the terms of the purchase contract:

A real estate promissory note that reads "$100,000 principal payable interest only monthly at a rate of 10%" is what type of promissory note?

In a normal sale using both a grant deed and a trust deed (deed of trust), the buyer is the:

Of the following government-backed loans, which usually has the lowest interest rate?