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Question 1 of 5
1. Question
A borrower asks why the lender only requires hazard insurance when they plan to purchase a full homeowners policy.
Which explanation is correct?
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Question 2 of 5
2. Question
A borrower asks how much hazard insurance coverage is required and when the first year’s premium is paid.
Which statement is accurate?
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Question 3 of 5
3. Question
A property is located in a 100-Year Special Flood Hazard Area.
What must the borrower do?
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Question 4 of 5
4. Question
A borrower is obtaining an FHA loan and asks how the Up-Front MIP is calculated and paid.
Which answer is correct?
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Question 5 of 5
5. Question
A borrower is using a USDA Rural Housing loan.
Which statement is accurate?
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