Mhfa

81 Questions | Total Attempts: 47

SettingsSettingsSettings
Please wait...
Mental Health Quizzes & Trivia

This exam is to evaluate your knowledge about MHFA loans.


Questions and Answers
  • 1. 
    What underlying loan types can MHFA loans be attached to?
    • A. 

      FHA

    • B. 

      VA

    • C. 

      RD

    • D. 

      Conventional

  • 2. 
    What product(s) are MHFA 1st mortgage product(s)? Check all that apply.
    • A. 

      MMP

    • B. 

      HAF

    • C. 

      CASA

    • D. 

      Home Help

  • 3. 
    What product(s) are MHFA 2nd mortgage product(s)?Check all that apply.
    • A. 

      MMP

    • B. 

      HAF

    • C. 

      CASA

    • D. 

      Home Help

  • 4. 
     Is it possible to obtain a MHFA second mortgage product without having a MHFA first mortgage product?
    • A. 

      Yes, it is possible

    • B. 

      No, it is NOT possible

  • 5. 
    When you send the initial loan package to MHFA for review, how long does it take until you get underwriting conditions?
    • A. 

      Within 3 business days

    • B. 

      Within 5 business days

    • C. 

      MHFA does not do the initial underwriting on your loan

  • 6. 
    The MHFA "HAF" product:
    • A. 

      Must be attached to ONLY a MMP product

    • B. 

      Must be attached to ONLY a CASA product

    • C. 

      May be attached to either MMP and CASA

    • D. 

      You dont attach a HAF to any program

  • 7. 
    MHFA "HAF" funds may be utilized up to what amount:
    • A. 

      $1,000

    • B. 

      $2,500

    • C. 

      $4,500

    • D. 

      $8,500

  • 8. 
    Must the HAF loan still meet CASA or MMP guidelines in order to be approved?
    • A. 

      Yes

    • B. 

      No

  • 9. 
    Home Help funds may be utilized up to what amount?
    • A. 

      $1000

    • B. 

      $2,500

    • C. 

      $4,500

    • D. 

      $8,500

  • 10. 
    The "Home Help" MHFA product may be must be used in conjuction with:
    • A. 

      CASA

    • B. 

      MMP

    • C. 

      HAF

    • D. 

      None of the Above

  • 11. 
    Is a home inspection mandatory on the Home Help program?
    • A. 

      Always

    • B. 

      Sometimes

    • C. 

      Never

  • 12. 
    Who must perform all MHFA home inspections?
    • A. 

      A certified home inspector

    • B. 

      A licensed home inspector

    • C. 

      A MHFA rostered home inspector

  • 13. 
    If a home inspection is required by MHFA on the Home Help program, and if they find lead paint issues, who is allowed to do the work to correct the lead paint issues?
    • A. 

      A home inspection is not required by MHFA

    • B. 

      A certified home repair expert

    • C. 

      An EPA Certified Renovator

    • D. 

      Anyone can fix the lead paint issue as long as it is completed

    • E. 

      Anyone except the borrower

  • 14. 
    Can you escrow for winter weather related repairs on Home Help products?
    • A. 

      Yes, always

    • B. 

      No, never

    • C. 

      It is a case by case decision

  • 15. 
    Is Home Help a 100% forgivable loan?
    • A. 

      Yes

    • B. 

      No

  • 16. 
    What is the interest rate on the Home Help product?
    • A. 

      Market rate

    • B. 

      1% above prime

    • C. 

      0%

  • 17. 
    Home Help loans are up to _____% forgivable after 6 years.
    • A. 

      50

    • B. 

      60

    • C. 

      70

  • 18. 
    What is the minimum credit score for a Home Help product?
    • A. 

      680

    • B. 

      620

    • C. 

      There is no minimum score - you just need to fit specific criteria

  • 19. 
    Is there a MINIMUM front end ratio for Home Help loans?
    • A. 

      Yes

    • B. 

      No

  • 20. 
    What is the MINIMUM front end ratio on a Home Help loan?
    • A. 

      25%

    • B. 

      25.01%

    • C. 

      There is no minimum front end ratio

  • 21. 
    Home Help funds may be used for the following item(s):
    • A. 

      Closing Costs

    • B. 

      Closing Costs and Down Payment

    • C. 

      Closing Cost, Down Payment, and the Moving Truck

  • 22. 
    What property type(s) are NOT allowed on the Home Help product?
    • A. 

      Duplex and PUDs built prior to 1978

    • B. 

      Single Family on more than 1 acre

    • C. 

      Three story homes

  • 23. 
    What defines a first time home buyer in the eyes of MHFA?
    • A. 

      No ownership of a property in the previous three years prior to the purchase agreement date

    • B. 

      No ownership of a primary residence in the previous three years prior to the purchase agreement date

    • C. 

      Not holding legal title or equityable title in the previous 3 years prior to closing

  • 24. 
    How many years of personal federal tax returns are required on all MHFA loans (except when you are not legally required to file taxes).
    • A. 

      1

    • B. 

      2

    • C. 

      3

  • 25. 
    Does MHFA automatically consider a borrower to have had ownership to a property if they were married to someone who was on title as an owner, yet the borrower themselves were not on the actual title as owner?
    • A. 

      Yes

    • B. 

      No