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11. FHA-Insured Loans M/C

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Questions and Answers

What is the purpose of FHA Flipping Prevention Rules?

To encourage property flipping

To prevent predatory practices in property flipping (correct)

To allow property flipping without any restrictions

To promote quick property turnover

Who can assume an FHA loan according to the text?

Only buyers planning to rent out the property

Any individual regardless of creditworthiness

Creditworthy buyers intending to occupy the property (correct)

Only sellers

What percentage of the base loan amount is the upfront mortgage insurance premium (UFMIP) for most FHA programs?

1.75% (correct)

0.25%

How are FHA Insurance Premiums structured?

They include upfront premiums and annual renewal premiums Signup and view all the answers

What determines the range of the annual MIP for an FHA program?

Loan balance, loan term, and LTV Signup and view all the answers

When can the UFMIP be paid according to the text?

By either buyer or seller at closing or financed Signup and view all the answers

Who can provide secondary financing according to the text?

Family members or government agencies, within certain limits Signup and view all the answers

What percentage range does the annual MIP for an FHA program fall between?

0.45% to 1.05% Signup and view all the answers

What is the main purpose of Section 203(k) in FHA loans?

To insure mortgages for property rehabilitation Signup and view all the answers

Which of the following is a requirement for a home equity conversion mortgage (HECM)?

The property must have a large remaining mortgage balance Signup and view all the answers