FHA Loans For Realtors Testing Part 2

21. Alimony and child support must be stable for the previous __ months, and continue at least____ more years:

22. Non-taxable income, such as child support may be grossed up:

23. Closed-end debts do not have to be included for qualifying if they will be paid off:

24. Closed-end debts must still be counted, regardless of the remaining number of payments if
the cumulative payments of all such debts are:

25. Because of the tax consequences of alimony payments, the monthly obligation:

26. Chapter 7 Bankruptcies must be discharged for at least:

27. A borrower paying off debts under a Chapter 13 bankruptcy may qualify if:

28. Judgments do not have to be paid prior to loan approval if the borrower has been making
regular and timely payments for:

29.  Qualifying Ratios may go as high as 50% Back Ratio if the following compensating factors are determined:

30.    The maximum FHA loan limit by state or county is based on:

31. Maximum seller-paid financing concessions are limited to:

32. All FHA sales contracts require two specific clauses and certifications:

33 A transaction between family members, business partners, or other business affiliates is
referred to as:

34. On an FHA loan, if the property is on septic tank:

35 Houses built prior to 1978 will require the following disclosure:

36.  On an FHA loan, if the roof has less than _____ years of remaining life, FHA will require
an inspection by a professional roofer to determine whether or not it must be replaced.

37.  The FHA Standard 203(k) Rehabilitation Program may be used if there is a minimum of
______ in required repairs.

38. The FHA Limited 203(k) Rehabilitation Program may be used for minor remodeling and
non-structural repairs, but total rehabilitation costs must not exceed:

39. The term “sweat equity” refers to:

The buyer has their 3.5% down payment but is short on cash to close.  FHA allows up to ___% in seller concessions. What  other  party to the deal can legally contribute to the buyers closing costs.