A few years ago, the FHA had all but disappeared from the mortgage lending market as lenders aggressively courted low- and moderate-income households and those with impaired credit. But in the aftermath of the economic collapse of September 2008, the FHA has risen to an unprecedented level of importance. How well do you know the FHA? Take this quiz to test your expertise!
In what year was the Federal Housing Administration (FHA) created?
Which of the following is NOT a requirement for someone applying for an FHA loan?
Proof of stable income over a two-year period.
Fewer than two 30-days-past-due payments on a credit report over the past two years.
A mortgage payment of 30 percent or less of monthly gross income.
No history of bankruptcy or foreclosure.
What is FHA current, standard downpayment requirement?
Borrowers who have FICO scores lower than 580 must put up a __ percent downpayment to qualify for an FHA loan.
Right now, the FHA accounts for __ percent of the mortgage market.
The FHA does NOT offer which of the following?
Energy efficient mortgages
The FHA offers all of these
What is the limit for the amount of an FHA loan?
Depends on the market of the property being purchased
How much of a building’s condo units must be owner-occupied for buyers to qualify for a loan to purchase in that building?