QUIZ 1 REVIEW

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Across
  1. 2. ____/Eligible on a LPA finding
  2. 5. AUS used by Freddie Mac (abbreviation)
  3. 8. ______ resident: US Citizen, employed in the US, lawful resident of the US (Green Card Holder)
  4. 11. Application of computer based technology used to evaluate mortgage risk (abbreviation)
  5. 12. Type of funds not permitted on an Investment property
  6. 15. The ratio of the mortgage loan amount against the value of purchase price of the property FREEANDCLEAR, A property without any liens or loans secured against it
  7. 16. ________ Co-Borrower: co-signs loans but will not be occupying the subject property
  8. 18. A legal hold or claim by a person or entity on the property of another
  9. 19. The document that provides proof of ownership of a property
  10. 20. Not a primary or second home; can provide additional income
  11. 22. The difference between a property's value and any outstanding liens against the property
Down
  1. 1. Not an US Citizen , periodically visits/resides in US, not a permanent residence
  2. 2. An estimate of market value on a real property
  3. 3. In a Rate & Term Refi, borrower can only get the lesser back of either: up to ___% or $2,000.00
  4. 4. Another term for Rate & Term Refi or Limited Cash Out Refi
  5. 6. Individual who is purchasing a subject property, will reside in property as primary residence, & no ownership in a property in the last 3 years
  6. 7. The repayment of a mortgage with a new mortgage or placing a mortgage on a previously free & clear property
  7. 9. An eligible borrower must be a ______ person
  8. 10. A one unit dwelling, the borrower occupies part of the year--must be suitable for year -round occupancy
  9. 13. A revolving loan of credit secured against the equity in a residential property (abbreviation)
  10. 14. Transaction that requires a Purchase & Sales Agreement
  11. 17. _____/Eligible on a DU finding
  12. 21. AUS used by Fannie Mae (abbreviation)