Real Estate Finance I-Champions Questions And Answers 100% Verified A+ Guaranteed

Because it is a gift, the lender and/or the agent can provide gift funds to the borrower to be used as a down payment on an FHA loan. (a) True (b) False {Ans: B}At closing, none of the charges listed on the Loan Estimate can change. (a) True (b) False {Ans: B}_________ was established in 1970 for the purpose of purchasing mortgages in the secondary market. (a) Fannie Mae (b) Farmer Mac (c) Ginnie Mae (d) Freddie Mac {Ans: D}Periodic payment amounts such as principal & interest, estimated escrow, estimated monthly payment, and __________ must be disclosed in the Projected Payments section of the Loan Estimate form. (a) Mortgage Insurance (b) Homeowner's insurance (c) Property value (d) Estimated inspection cost {Ans: A}The maximum loan to value ratio on an FHA loan is 90%. (a) True (b) False {Ans: B}The lender may also be referred to as the ___________ in some deed of trust forms. (a) Mortgagor (b) Grantor (c) Mortgagee (d) Trustee {Ans: C}