FHA Loans

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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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