About This Course
This course provides an introduction to residential real estate finance, including information on how to underwrite FHA, VA, FNMA, and FHLMC loans.
In this course, you will learn the basics of the different types of loans available, about loan applications, appraisals, escrow, titles, and credit reports, including qualifying for loan amounts and verifying income and assets.
You will also learn how to calculate loan amounts, estimate monthly payments, property taxes, hazard and mortgage insurance (for Conventional, FHA, and VA loans) and qualifying ratios and income.
One very important point to take into account is that lending guidelines are constantly changing and some information in this course may become outdated rather frequently. As of this writing, there are already changes being contemplated with regard to the Dodd Frank and the Consumer Finance Protection Bureau guidelines. Working with lenders who are current will be very important for the agent to provide the best possible service to clients. In addition, it will be very important for the real estate agent to stay abreast of the continuous changes by referring to the websites referenced in this course on a regular basis and staying educated on such changes.
Course Topics
Lesson 1: Introduction to Real Estate Financing
Lesson 2: Conventional Loans
Lesson 3: FHA Loans
Lesson 4: VA Loans
Lesson 5: Basics of Real Estate Financing
Course Learning Objectives
Upon completion of this course, you should be able to:
- List the basic concepts and key terms of real estate financing.
- Describe how to qualify a buyer for the most common types of loans.
- Explain the use and function of escrow accounts.
- Specify what a mortgage insurance premium is.
- Explain how the Dodd Frank Act and the Consumer Finance Protection Bureau affect underwriting and lending.
- Identify the three most common types of loans: conventional, FHA, and VA.
- Explain the advantages and disadvantages of conventional loans.
- Illustrate how to use conventional qualifying ratios.
- Distinguish between the advantages and the disadvantages of FHA loans.
- Identify the differing FHA qualification ratios.
- Explain the advantages and disadvantages of VA loans.
- Describe VA eligibility and list qualification periods.
- Calculate VA loan amounts and the amount of VA entitlement used.
- Explain the process and qualifications for assuming VA and FHA loans.
- Identify other types of loans available.
- Describe how to underwrite and close loans.
Regulatory Information
| Name: | Arizona Department of Real Estate |
| Phone: | 602-771-7720 |
| Fax: | 602-957-0658 |
| Website URL: | https://www.azre.gov |
| Email Address: | education@azre.gov |
| Address: | 100 N. 15th Ave.,Suite 201 |
| City: | Phoenix |
| State: | AZ |
| Zip: | 85007 |
Start a live chat
Call us 877-881-2235
