The principal of a mortgage loan may be insured by:
A. the VA or the FNMA
B. the lender
C. the FHA or a private mortgage insurer
D. the FHLMC and the GNMA
Answer: C. the FHA or a private mortgage insurer
Explanation: The two most common sources of mortgage insurance are the FHA (which insures all FHA loans) and private insurers (which insure conventional loans with loan-to-value ratios higher than 80%).
Business
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A U.S citizen who travels to and from Mexico or Canada, for example, must carry a:
A) Driver's license. B) Passport. C) Visa. D) Visa and passport.
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Which inventory cost flow assumption emphasizes the income statement as opposed to the balance sheet?
a. LIFO method b. FIFO method c. weighted-average method d. acquisition cost e. specific identification method
Business