Scrubbers
FHA and USDA Loan Knowledge Quiz
Test your understanding of FHA and USDA loans with our comprehensive quiz. This quiz is designed to help you reinforce your knowledge of loan requirements, calculations, and features.
- Max DTI ratios
- Mortgage insurance requirements
- Handling variable income
- Exclusions on tax returns
What is the max DTI on a FHA loan?
46.99/56.99
36.99/46.99
50/50
Residual
When is Mortgage insurance required on a conventional loan?
Always
Never
When the LTV is above 80%
When the LTV is below 80%
What is considered a large deposit on a USDA loan?
50% gross monthly income
1% of the purchase price
Every deposit
Nothing
How do we calculate variable income?
Use the YTD divided by 12 months
Take a 24 month average
Take the L.Os word
Cant do loans with variable income
How do we handle student loans on a VA loan?
Take 1% and divide by 24 months
5% of the balance divided by 12 months
Take 5%
We dont worry about student loans
When can we exclude tax returns on an FHA loan?
We never can
Per findings
If the borrower is w2 employee and does not own any other properties
If the borrower is self employed
How many years does a borrower have to be out of a foreclosure to qualify for an FHA loan?
3 years
2 years
4 years
7 years
What is the max front and back end DTI on a USDA loan?
31/43
50/50
Residual
46.99/56.99
What percent do we calculate interest in a 401k at?
50%
65%
75%
60%
When collections add up over $2,000, what percent do we take of each collection to add into the VOL?
5%
1%
3%
None
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