Course Description
8 hours continuing education course details practical techniques for
financing single-family homes and condominiums. Gain an understanding of
financing programs to assist clients in obtaining financing. Learn
creative financing alternatives.
Course Goals
This course is designed to enable students:
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To use a variety of practical techniques for financing
single-family homes and condominiums
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To understand financing programs to assist consumers in
obtaining financing suitable to their particular financial condition
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To match consumers to appropriate government financing programs
and understand how to qualify consumers for these types of financing
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To be aware of creative financing alternatives
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To understand usury standards and real estate-related state and
federal laws and regulations.
Course Instructional Objectives
Upon completion of the course, the student will be able to:
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Illustrate the specifics and necessity of PMI
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Calculate the annual and monthly PMI and MIP, given the down
payment, loan amount, premium, interest rate, type of loan, and term
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Recognize the major provisions of a given adjustable rate
mortgage, with respect to rate or payment changes, rate change
indexes, pre-payment assumptions, disclosure, and negative
amortization
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Identify the differences between various types of conventional
and government loans
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Calculate the maximum loan and monthly payment for which the
buyer qualifies, when given the buyer's income and credit information
and using the generally accepted ratios
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Calculate the monthly principal and interest for FHA, VA, and
conventional financing methods, when given the loan amount, interest
rate, terms, and type of loan
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Describe how various down payment sources convert to down
payment cash
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List the advantages and disadvantages of various creative
financing options
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Calculate the monthly principal and interest payment when given
the features of creative financing methods and loan information.
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