Finance
A buyer obtains an FHA-insured loan. Which of the following is a key feature of FHA loans?
AThey are available only to first-time homebuyers
BThey require a minimum 20% down payment
CThey require mortgage insurance premium (MIP) regardless of down payment✓ Correct
DThey are issued directly by the federal government
Explanation
FHA loans require Mortgage Insurance Premium (MIP) on all loans regardless of down payment amount. This insurance protects the lender against default.
Related Oklahoma Finance Questions
- The initial interest rate on an ARM is often called the:
- Which index is commonly used to adjust rates on adjustable-rate mortgages?
- An Oklahoma buyer's lender orders an appraisal. The appraisal comes in $15,000 below the purchase price. The most common outcomes are:
- The Truth in Lending Act (TILA) requires lenders to disclose to borrowers:
- Oklahoma's Home Ownership Assistance Program helps which type of buyers?
- The Community Reinvestment Act (CRA) was enacted to:
- A VA-guaranteed home loan requires the borrower to pay:
- In Oklahoma, which type of foreclosure requires a court proceeding and typically takes longer than the alternative?
Practice More Oklahoma Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Oklahoma Quiz →