FHA and VA Financing

Please describe something that you've learned from these government sponsored lending programs that you didn't know before.

Be sure to comment on at least 3 of these learning objectives

*Discuss the purpose, rules, and requirements of FHA-insured loans *Understand maximum loan amounts and how they vary by location *How can borrowers meet minimum cash investment requirements *Identify when secondary financing may be used with FHA loans *Explain when an FHA loan may be assumed

*Describe the criteria for eligibility and underwriting guidelines for a VA loan *Define the role of the VA guaranty and how it affects the VA loan amount *Illustrate how a substitution of entitlement works *Calculate how much of a downpayment will be needed for a particular loan *List compensating factors that might help a marginal applicant obtain a VA loan