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P4-103 Quiz 4

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Question 1 of 7

1. Question

What are the standard FHA qualifying ratios, and under what condition may they be increased?

28% front / 36% back, increased with higher credit scores
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31% front / 43% back, increased up to 50% with compensating factors
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36% front / 45% back, increased with larger down payments
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Back ratio only at 41%, increased with residual income
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Question 2 of 7

2. Question

What is the standard qualifying ratio guideline for VA loans?

31% front / 43% back
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36% back only
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41% back ratio, which may increase with compensating factors
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50% back ratio
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Question 3 of 7

3. Question

How does VA primarily qualify borrowers for mortgage approval?

Using front-end debt ratios
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Using loan-to-value limits
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Using credit score thresholds
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Using Residual Income (Balance Remaining for Family Support)
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Question 4 of 7

4. Question

Under FHA guidelines, when are installment debt payments included in the back-end ratio?

When they extend beyond 12 months
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When they extend beyond 10 months and total no more than 5% of gross income
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When they exceed $100 per month
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When they appear on the credit report
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Question 5 of 7

5. Question

What restriction applies to borrowers attempting to meet the 10-month installment debt requirement?

The borrower may refinance the debt
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The borrower may consolidate the debt
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The borrower may not pay down the balance to meet the requirement
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The borrower may exclude the debt with documentation
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Question 6 of 7

6. Question

Which installment debts are included in the VA back-end ratio calculation?

Debts extending beyond 12 months
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Debts extending beyond 10 months
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Debts extending beyond nine months
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All installment debts regardless of term
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Question 7 of 7

7. Question

When both spouses work full-time, what additional expense must be included in VA qualifying liabilities?

Utility expenses
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Transportation costs
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HOA dues
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Child care expenses
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