Finance
In South Dakota, a 'conforming' loan limit (as set by FHFA annually) refers to:
AThe minimum loan amount eligible for FHA insurance
BThe maximum loan amount eligible for purchase by Fannie Mae and Freddie Mac✓ Correct
CThe maximum interest rate allowed on conventional mortgages
DThe minimum down payment required for conventional loans
Explanation
The conforming loan limit (set annually by the Federal Housing Finance Agency) is the maximum loan amount eligible for purchase by Fannie Mae and Freddie Mac. Loans above this limit are 'jumbo' loans. The limit is the same for most of South Dakota as the national baseline.
Related South Dakota Finance Questions
- A South Dakota property has a potential gross income of $60,000, vacancy and credit losses of $3,000, and operating expenses of $22,000. What is the net operating income (NOI)?
- In South Dakota, which of the following is the primary function of a 'mortgage servicer'?
- In South Dakota, 'impound accounts' (also called escrow accounts) required by lenders for property taxes and insurance benefit the lender by:
- In South Dakota, 'construction-to-permanent financing' allows a borrower to:
- In South Dakota, a wraparound mortgage is a financing arrangement where:
- A South Dakota lender gives a 'good faith estimate' (now called the Loan Estimate under TRID). This document must be provided to the borrower within:
- South Dakota charges which of the following state-level taxes on real estate transfers?
- Which type of mortgage loan is guaranteed by the Department of Veterans Affairs?
Practice More South Dakota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free South Dakota Quiz →