Question

The FHA requires that a self-employed borrower must have been self-employed for at least two years.

Question 16 options:

	1) True
	2) False

Question 17 (2 points)

An individual other than the borrower that assures the payment of a note is a:

Question 17 options:

	1) dispensator
	2) executor
	3) vindicator
	4) guarantor

Question 18 (2 points)

Under the current rules, the FHA annual insurance premium must be paid for the entire life of the loan regardless of the down payment.

Question 18 options:

	1) True
	2) False

Question 19 (2 points)

Which type of note limits the lender’s remedy to the value of the residence that serves as collateral?

Question 19 options:

	1) non-recourse note
	2) recourse note
	3) obligatory note
	4) none of the above

Question 20 (2 points)

A deficiency judgment is:

Question 20 options:

	1) a judgment that allows the mortgagor to redeem the property prior to foreclosure
	2) a judgment against the borrower for the difference between the amount owed to a lender and the value of the property sold at a foreclosure sale
	3) a judgment that allows the mortgage insurer to pursue the lender for losses in a foreclosure
	4) none of the above

Answer 1

Question 16

The FHA requires that a self-employed borrower must have been self-employed for at least two years.

The statement is TRUE.

The Federal Housing Administration (FHA) requires that the borrower must have been self-employed for at least two years to be eligible for the loan.

Question 17

An individual other than the borrower that assures the payment of a note is a:

4) guarantor

A guarantor cosigns the agrrement assuring that the payment is made.

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