Please Note: Once your assignment is submitted and graded, the grade will be final, no re-submissions will be allowed.

Questions:

1. The two main federal government loan programs are the FHA (Federal Housing Administration) and the VA (Department of Veteran Affairs). Simply answer if the following two statement(s) are True or False: Question A, Neither the FHA nor VA makes loans directly to the borrowing public. Through approved lenders, the FHA insures the loan(s) and the VA guarantees the loans ? Question B, True or False: The FHA and VA participate in the secondary market, meaning they sell loans to generate more money to lend ? So for this portion, you will simply have two (2) True or False responses.

2. The textbook and PowerPoint for this chapter lists seven (7) FHA loan features that distinguishes it from conventional loans. Name and provide a brief description of these seven (7) features of an FHA loan.

3. Name and briefly describe the three (3) FHA loan programs, hint: they are numbered.

4. The textbook lists six (6) VA loan characteristics, please name these VA loan characteristics.

5. Can a non-Veteran qualify for a VA loan (Yes or No)? Can a non-Veteran assume a VA loan (Yes or No)? Is mortgage insurance required on a VA loan (Yes or No) ? Can a borrower get a VA loan with zero (0) percent down payment (Yes or No)?