Home Loans Ohio Ratio qualification plays a major part in the decision-making process of a mortgage loan. There are two ratios that are calculated for most mortgage programs. One ratio is the housing ratio, also known as the home loans Ohio front-end ratio. What is the other ratio method? A. Residual income ratio B. Gross monthly income ratio C. Debt, or back-end, ratio
There will be many a case in which your home loans Ohio borrower will not meet the qualifying standards to qualify for a loan. There must be prevailing circumstances, known as compensating factors, to ask the home loans Ohio lender for an exception. Which of the items listed below would be considered a compensating factor for an home loans Ohio? A. Large debts B. High residual income C. A small down payment
3. What is a typical maximum qualifying housing or front-end ratio for a home loans Ohio conforming mortgage loan? A. 25% B. 28% C. 36%
4. What is a typical maximum debt, or back-end, ratio on a home loans Ohio conforming mortgage? A. 28% B. 33% C. 36%
5. To calculate the decimal equivalent of a fraction for figuring the home loans Ohio, you will need to divide the numerator by the denominator. What is the decimal equivalent of the fraction for 5/8 for the home loans Ohio? A. 0.625 B. 0.750 C. 0.875
6. The good faith estimate for home loans Ohio is a regulatory disclosure. When must the home loans Ohio loan originator present a good faith estimate to the borrower? A. Before the home loans Ohio originator takes the application B. No later than three days after the application is taken C. No later than five days after the application is taken
7. What is 25 basis points for a home loans Ohio equal to? A. 1% B. 2 1/2% C. 1/4%
8. Home loans Ohio FHA allows cash-out to what loan-to-value? A. 75% B. 85% C. 95%
9. What is the proper definition of a home loans Ohio refinance? A. The process of paying off your debt with a home loans Ohio mortgage B. The process of taking out a home loans Ohio mortgage and adding it to the existing mortgage C. The process of paying off an existing home loans Ohio mortgage with a new loan secured by the same property
10. What would the monthly P&I payment be on a home loans Ohio mortgage loan of $ 150,000 with an 8.0% fixed interest rate and a 30-year term? A. $1,100.65 B. $1,050.30 C. $1,153.37
11. What do you have when you subtract the home loans Ohio borrower's housing, debts, and other liabilities from the gross monthly income? A. Residual income B. Debt, or back-end, ratio C. Housing, or front-end, ratio
12. Which one of the components listed below can be included in the home loans Ohio debt, or back-end, ratio? A. Principal and interest B. Monthly property taxes C. Child-support payments
13. Suppose your home loans Ohio borrower's total monthly gross income is $5,700, he has $500 total debt, and his housing payment including taxes, insurance, and HOA is $2,219. What is the total debt-to-income ratio for home loans Ohio? A. 47.70% B. 20.96% C. 47/70%
14. There is one fee that pertains only to a home loans OhioVA refinance transaction. Which fee is it? A. Processing fee B. Origination fee C. Funding fee
15. What is a discount feem for home loans Ohio? A. What a lender charges for a below-par rate B. What a lender pays for an above-par rate C. What a home loans Ohio borrower pays up front to discount the rate over time
16. If your home loans Ohio borrower's monthly gross income is $7,500 housing cost is $1,600 plus $500 in debts, what would his debt be for home loans Ohio, or back-end, ratio be? A. 25% B. 26% C. 28%
17. Which one of the home loans Ohio components listed below can be included in the housing, or front-end, ratio? A. Association dues B. Child-support payments C. Student loan payments
18. You are trying to qualify your borrower on a home loans Ohio conforming mortgage, and therefore, your qualifying ratio is 36%. If your home loans Ohio borrower's total gross monthly income is $7,500, how much total debt can your borrower have? A. $2,700 B. $2,650 C. $2,800
19. If the home loans Ohio interest rate on a loan is 5.375% and you need to add 0.75% for a cash-out on a refinance that is over 85% loan-to-value, what would the new home loans Ohio interest rate be? A. 5.625% B. 5.875% C. 6.125%
20. A home loans Ohio borrower has $5,000 gross monthly income with no debt. The current market interest rate is 7.5%, and the borrower is seeking a home loans Ohio conforming mortgage with a 30-year term. Rounding the taxes and insurance to $150 a month, what would be the maximum home loans Ohio mortgage amount for the borrower? A. $184,000 B. $189,000 C. $206,000
