Finance
A Kansas conventional mortgage loan is best described as:
AA loan insured by FHA
BA loan not insured or guaranteed by a government agency✓ Correct
CA loan guaranteed by the VA
DA USDA rural development loan
Explanation
A conventional mortgage is not insured or guaranteed by any government agency (FHA, VA, USDA), and typically requires private mortgage insurance (PMI) if the down payment is less than 20%.
Related Kansas Finance Questions
- A balloon mortgage in Kansas features:
- What is a '1031 exchange' in Kansas real estate investment?
- What is a 'note rate' versus an 'effective rate' in Kansas mortgage lending?
- What is 'private mortgage insurance' (PMI) cancellation policy for conventional Kansas loans?
- Which federal program insures mortgages for borrowers who meet low-to-moderate income requirements in rural areas?
- What is 'mortgage insurance premium' (MIP) in FHA loans, and how does it differ from PMI?
- In Kansas, what is an 'all-inclusive trust deed' (AITD) or 'wraparound mortgage'?
- A Kansas consumer's FICO score is 720. This score would generally qualify them for:
Practice More Kansas Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Kansas Quiz →