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Course 109: Residential Real Estate Finance
 
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Course Description
This 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:
  • To use a variety of practical techniques for financing single-family homes and condominiums
  • To understand financing programs to assist consumers in obtaining financing suitable to their particular financial condition
  • To match consumers to appropriate government financing programs and understand how to qualify consumers for these types of financing
  • To be aware of creative financing alternatives
  • 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:
  • Illustrate the specifics and necessity of PMI
  • Calculate the annual and monthly PMI and MIP, given the down payment, loan amount, premium, interest rate, type of loan, and term
  • 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
  • Identify the differences between various types of conventional and government loans
  • 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
  • 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
  • Describe how various down payment sources convert to downpayment cash
  • List the advantages and disadvantages of various creative financing options
  • Calculate the monthly principal and interest payment when given the features of creative financing methods and loan information.

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