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Flashcards in Real Estate Finance Principles Deck (9)
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1

In a "Texas Bootstrap" loan, all Owner-Builders are required to provide at least __% of the labor necessary to build or rehab their housing by working with a state-certified Nonprofit Owner-Building Housing Provider (NOHP)

65

2

Adjustable Rate Mortgages, Condo Mortgages, Disaster Victims Mortgages, and Energy-Efficiency Mortgages are all types of loans available through:

FHA

3

A discount point is a fee charged by the lender:

equal to 1 percent of the loan amount.

4

"Fair Isaac Corporation"

FICO

5

The advantage of seller/owner financing is that:

1. the seller may be more flexible on payment schedules
2. the seller may be more willing to finance a buyer with a low credit rating
3. the owner may be able to provide financing for a property that a lending institution would not be willing to finance due to age or condition

6

The __ market is the market where borrowers and mortgage lenders meet to negotiate terms and conduct mortgage transactions.

Primary mortgage

7

The __ is a secondary loan for real property, that incorporates the first loan without paying it off.

Wraparound loan

8

A $200,000 mortgage loan on a $250,000 home is what "loan to value"?

0.8

LVR = Mortgage amount/appraised value of property

9

Many lenders require PMI if more than __ of the property value is financed

80%