Finance
A conforming loan in Nebraska must not exceed the limit set by:
AThe Nebraska Real Estate Commission
BThe Federal Housing Finance Agency (FHFA) for purchase by Fannie Mae or Freddie Mac✓ Correct
CThe Nebraska Department of Banking
DThe U.S. Treasury Department
Explanation
Conforming loans meet the standards (including loan limits) set by the FHFA for purchase by the GSEs (Fannie Mae and Freddie Mac). Loans exceeding these limits are 'jumbo' loans and require portfolio financing.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Math Concepts
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