Texas Promulgated Contracts-CHAMPIONS Exam (Version 3)
The minimum downpayment on a VA loan is:
(a) 2% of the sales price
(b) 0% of the sales price
(c) 3.75% of the sales price
(d) 1% of the sales price
B
_________ is the process of creating a new mortgage loan.
(a) Origination
(b) Funding
(c) Underwriting
(d) Servicing
C
A veteran can have more than one VA loan:
(a) If the prior VA loan was paid in full and the property disposed
of
(b) The prior VA loan was assumed by an eligible veteran
who substituted their entitlement
(c) A or B
(d) Under no circumstances - a VA loan is a "once in a lifetime"
benefit
B
_________ are not-for-profit organizations that exist to serve their
members.
(a) Mortgage companies
(b) Credit unions
(c) Insurance companies
(d) One that cannot be financed
,C
, A qualifying ratio that compares the borrower's proposed house
payment to their gross monthly income is the __________.
(a) Back ratio
(b) Appraisal ratio
(c) Front ratio
(d) Loan to value ratio
C
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
A
___________ relates to Federal Government spending.
(a) Monetary policy
(b) Legislative policy
(c) Reserve requirement
(d) Fiscal policy
D
In the Closing Disclosure, prepaids include homeowner's and
mortgage insurance premiums, prepaid interest, property
taxes, and a maximum of __________ additional items.
(a) 13
(b) 3
(c) 7
The minimum downpayment on a VA loan is:
(a) 2% of the sales price
(b) 0% of the sales price
(c) 3.75% of the sales price
(d) 1% of the sales price
B
_________ is the process of creating a new mortgage loan.
(a) Origination
(b) Funding
(c) Underwriting
(d) Servicing
C
A veteran can have more than one VA loan:
(a) If the prior VA loan was paid in full and the property disposed
of
(b) The prior VA loan was assumed by an eligible veteran
who substituted their entitlement
(c) A or B
(d) Under no circumstances - a VA loan is a "once in a lifetime"
benefit
B
_________ are not-for-profit organizations that exist to serve their
members.
(a) Mortgage companies
(b) Credit unions
(c) Insurance companies
(d) One that cannot be financed
,C
, A qualifying ratio that compares the borrower's proposed house
payment to their gross monthly income is the __________.
(a) Back ratio
(b) Appraisal ratio
(c) Front ratio
(d) Loan to value ratio
C
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
A
___________ relates to Federal Government spending.
(a) Monetary policy
(b) Legislative policy
(c) Reserve requirement
(d) Fiscal policy
D
In the Closing Disclosure, prepaids include homeowner's and
mortgage insurance premiums, prepaid interest, property
taxes, and a maximum of __________ additional items.
(a) 13
(b) 3
(c) 7
