NMLS MATH QUESTIONS AND ANSWERS A+
GRADED.Buy Quality Materials!
how many weeks in a year (paid weekly)
52 weeks
how many weeks in year (paid every 2 weeks) (bi-weekly)
26 weeks
How many weeks in a year paid twice a month (bi-monthly)
24 times
gross income=
before taxes
will use gross income for calculations
net income=
income after taxes
debit to income ratio
FHA housing/debt ratio-31/43
conventional housing/debt ratio- 28/36
VA housing debt ratio-residual income/41
USDA- 29/41
income calculations
always figure out annual, then break it down to monthly
how many paychecks will you receive if you are paid weekly?-52 paychecks
how many paychecks will you receive if you are paid bi-weekly?- 26 paychecks
how many paychecks will you receive if you are paid semi-monthly?- 24 paychecks
down payment
an initial up front partial payment
a loan of some sort is then required to finance the remainder of the payment
use to purchase price or appraised value to figure this out (whichever is less)
earnest money
a deposit made to a seller that represents a buyer's good faith to buy a home
the money gives the buyer extra time to get financing and conduct the title search,
property appraisal and inspections before closing (down payment for your down
payment- separating yourself from the other buyers)
purchase price
GRADED.Buy Quality Materials!
how many weeks in a year (paid weekly)
52 weeks
how many weeks in year (paid every 2 weeks) (bi-weekly)
26 weeks
How many weeks in a year paid twice a month (bi-monthly)
24 times
gross income=
before taxes
will use gross income for calculations
net income=
income after taxes
debit to income ratio
FHA housing/debt ratio-31/43
conventional housing/debt ratio- 28/36
VA housing debt ratio-residual income/41
USDA- 29/41
income calculations
always figure out annual, then break it down to monthly
how many paychecks will you receive if you are paid weekly?-52 paychecks
how many paychecks will you receive if you are paid bi-weekly?- 26 paychecks
how many paychecks will you receive if you are paid semi-monthly?- 24 paychecks
down payment
an initial up front partial payment
a loan of some sort is then required to finance the remainder of the payment
use to purchase price or appraised value to figure this out (whichever is less)
earnest money
a deposit made to a seller that represents a buyer's good faith to buy a home
the money gives the buyer extra time to get financing and conduct the title search,
property appraisal and inspections before closing (down payment for your down
payment- separating yourself from the other buyers)
purchase price
