Total Mortgage Home > Mortgage Resources > Mortgage Quiz: FHA Mortgage Loan

Mortgage Quiz: FHA Mortgage Loan and Limited Cash-out Refinancing

Do you think you know enough about FHA mortgages and limited cash-out refinancing loans?

Answer the following five questions, then click "Submit." and your answers will appear below.

1. An FHA mortgage loan:

  1.  is bought on the secondary market by Fannie Mae or Freddie Mac
  2.  is only available on loan sizes over $500,000
  3.  is insured by the federal government
  4.  requires a credit score of at least 680

2. An appraisal determines:

  1.  The value of a home
  2.  What lender will service the loan
  3.  The loan size in which a borrower may be approved
  4.  The borrower's credit profile

3. A closing agent is:

  1. A loan officer
  2. An attorney or title company
  3. Fannie Mae 
  4. An underwriter

4. Homeowners insurance covers:

  1. Loss caused by a flood
  2. Loss caused by a fire
  3. Loss caused by an earthquake
  4. All of the above

5. A limited cash-out (rate and term) refinance allows for:

  1. Cash back at closing not to exceed $10,000
  2. Unlimited cash back at closing
  3. Cash back at closing in the amount lesser of 1% of the loan amount or $1,000
  4. Cash back at closing in the amount lesser of 2% of the loan amount or $2,000

Get a Fast, Free, No Obligation
 Rate Quote