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Government Loans

Real Estate Finance Chapter 8
Across
A percentage of gross monthly income set aside for total housing expense, including principal, interest, taxes, homeowners insurance, mortgage insurance, and any condominium or homeowners association fees
An amount charged on a VA loan to protect VA in case of default by the borrower
An insurance policy premium used in FHA loans that the borrower is charged. The premium depends on the length of the loan and the loan-to-value ratio
FHA's reverse mortgage program designed to provide extra income for those 62 years of age or older
Costs of closing that follow FHA guidelines as to what may be charged to the borrower
Releases the veteran seller from any remaining liability for a default on the loan
Allows approved lenders to underwrite FHA loans; leaves the FHA with risk of default, but FHA can remove the lender from the program
Down
Subtract the amount previous previously used from the current entitlement to obtain the __.
Percentage of gross monthly income allowed for all housing expenses plus monthly debt payments. Also called back-end ratio
The amount of the sales price guaranteed by the VA for a VA mortgage loan
Substituting a new obligation for an old one or substituting new parties to an existing obligation