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Questions and Answers
What is the purpose of FHA Flipping Prevention Rules?
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?
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?
What percentage of the base loan amount is the upfront mortgage insurance premium (UFMIP) for most FHA programs?
- 3%
- 5%
- 1.75% (correct)
- 0.25%
How are FHA Insurance Premiums structured?
How are FHA Insurance Premiums structured?
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What determines the range of the annual MIP for an FHA program?
What determines the range of the annual MIP for an FHA program?
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When can the UFMIP be paid according to the text?
When can the UFMIP be paid according to the text?
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Who can provide secondary financing according to the text?
Who can provide secondary financing according to the text?
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What percentage range does the annual MIP for an FHA program fall between?
What percentage range does the annual MIP for an FHA program fall between?
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What is the main purpose of Section 203(k) in FHA loans?
What is the main purpose of Section 203(k) in FHA loans?
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Which of the following is a requirement for a home equity conversion mortgage (HECM)?
Which of the following is a requirement for a home equity conversion mortgage (HECM)?
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