Finance
A 'conventional loan' in NC refers to a mortgage that is:
AInsured by the FHA
BGuaranteed by the VA
CNot insured or guaranteed by a government agency✓ Correct
DIssued only by savings banks
Explanation
A conventional loan is a mortgage that is not insured or guaranteed by a federal government agency (such as FHA or VA); it may be conforming (sold to Fannie Mae/Freddie Mac) or non-conforming.
Related North Carolina Finance Questions
- Which federal act requires mortgage lenders to disclose whether they share nonpublic personal information about borrowers with third parties?
- North Carolina allows non-judicial (power of sale) foreclosure. During this process, how long is the upset bid period after the foreclosure sale?
- An adjustable-rate mortgage (ARM) in North Carolina typically has an initial rate that is:
- Regulation Z (Truth in Lending) requires that the APR (Annual Percentage Rate) in a mortgage advertisement is triggered when a lender advertises which specific credit term?
- What is the primary difference between Fannie Mae and Freddie Mac?
- The NC Commissioner of Banks regulates which of the following?
- A NC homebuyer who has a high credit score (780+) compared to a buyer with a credit score of 620 will likely receive a conventional mortgage at:
- Which federal law requires lenders to provide a Loan Estimate within three business days of receiving a mortgage application?
Practice More North Carolina Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free North Carolina Quiz →