FHA Loans

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This topic contains 1 reply, has 2 voices, and was last updated by  Brian Swan 1 year, 8 months ago.

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  • #6834

    Erica Stoddard
    Participant

    The answer to #9 on the quiz at the end of the Application and Underwriting section is C -Upfront MOrtgage Insurance.
    The question was: The following are advantages of an FHA loan, except – low down payment, flexible underwriting guidelines , upfront mortgage insurance and seller contribution of up to 6%
    Can you clarify why the answer is C? In the book it talks about the Upfront mortgate insurance premium (UFMIP).. so I took that as , upfront mortgage insurance was included on an FHA loan , and therefore an advantage.
    THanks

  • #6856

    Brian Swan
    Keymaster

    The question should say, “The following are advantages of an FHA, EXCEPT:”
    The word “Except” makes (C) the correct answer.

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