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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

10 Questions2 MinutesCreated by CalculatingExpert25

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

When collections add up over $2,000, what percent do we take of each collection to add into the VOL?

None

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FHA and USDA Loan Knowledge Quiz

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