Finance
In South Dakota, mortgage insurance premium (MIP) is associated with which loan type?
AConventional conforming loans
BVA loans
CFHA loans✓ Correct
DUSDA loans
Explanation
FHA loans require an upfront Mortgage Insurance Premium (UFMIP) at closing and an annual MIP paid monthly. This protects the FHA fund if the borrower defaults.
Related South Dakota Finance Questions
- In South Dakota, 'escrow impounds' for property taxes and insurance in a mortgage payment mean:
- Which type of mortgage loan is guaranteed by the Department of Veterans Affairs?
- A South Dakota lender offers a 'teaser rate' ARM at 2.5% for the first year, then adjusting annually. A borrower should be concerned about:
- South Dakota charges which of the following state-level taxes on real estate transfers?
- A contract for deed (land contract) in South Dakota means the buyer:
- A South Dakota borrower obtains a 30-year fixed-rate mortgage at 7% interest. The monthly payment per $1,000 borrowed is approximately $6.65. On a $200,000 loan, what is the approximate monthly payment (principal and interest)?
- In South Dakota, a 'commitment letter' from a lender means:
- An adjustable-rate mortgage (ARM) in South Dakota has an interest rate that:
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 →