Participants will learn the general guidelines of FHA loans, Mortgage Insurance requirements and FHA specific terminology to support the mortgage professional’s ability to efficiently and accurately take a FHA loan files.
- Verify borrowers’ eligibility
- Explain mortgage amount limits
- Identify down payment requirements
- Explain occupancy requirements
- Identify allowable borrower-paid costs
- Identify allowable seller contributions
- Calculate MI premiums for FHA loans
- Calculate FHA Qualifying Ratios
- Explain various FHA specific terms