Keller Williams Review

What is the minimum down payment amount for first time home buyers for a conventional loan?

• 3%

• 20%

• 5%

• 3.5%

What is PMI?

• Personal Mortgage Identifier

• Private Mortgage Insurance

• Primary Money Investor

• Principal minus Interest

What is the minimum down payment amount for first time home buyers for an FHA loan?

• 3%

• 20%

• 5%

• 3.5%

True or False: If a client puts down 10% for a conventional loan, they still have to pay PMI.

• True.

• False

What is the maximum seller concessions for a conventional loan with 5% down payment?

• 3%

• 4%

• 5%

• 6%

Which of the following is TRUE about mortgage brokers?

• Limited to one bank's products

• Ability to shop across multiple lenders

• Only take loan application before sending to someone else

• Works 9-5

True or False: Mortgages typically need 30-45 days to close.

• True

• False

Which of the following has a large effect on the client's interest rates?

• FICO Score

• Income

• Employment History

• Property Zip Code

True or False: DTI is calculated by using net monthly income.

• True

• False

Should the Chicago Bears move to Arlington Heights?

• Yes

• Yes

• No