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Federal Housing Administration And The U.S. Department Of Housing And Urban Development
Test Description: This is a test to check your knowledge of the FHA and the HUD
Instructions: Answer all questions to get your test result.
1) Since the birth of FHA, HUD has adopted five core missions EXCEPT
A
Improving the Physical, Social, and Economic Health of Cities
B
Discrimination in Housing Markets
C
Increasing Homeownership
D
Assisting Homeless Persons with Housing and Support Services
2) The Federal Housing Administration was founded in the early 1930’s. Home ownership in the U.S. was under___due to the strict requirements of having a___downpayment.
A
40% ; 50%
B
50% ; 35%
C
51% ; 40%
D
50% ; 40%
3) How was FHA was able to stimulate the economy?
A
decreased racially restrictive property deeds
B
increased construction and building projects
C
established guidelines to steer mortgage investors away from minority areas
D
all of the above
4) In an effort to increase home ownership among all racial and economic groups, regulation pushed increased “___” lending to lower income families
A
none of the above
B
subsidized
C
FHA
D
Subprime
5) The Federal Housing Administration does not
A
make loans but insures the loans from private lenders
B
enhanced its mission by implementing and enforcing a variety of civil rights laws directly correlate
C
funded solely through the governement
D
approve loans that are insured by the government
6) A pro of having and FHA loan is
A
Recipients must follow strict mortgage insurance guidelines
B
Fixed rate payments of 15 or 30 years
C
Maximum mortgage limits that vary by state and county
D
Few to none prepayment penalties
7) What is the two kinds of insurance premiums
A
none of the above
B
monthly payment and fixed rate
C
Upfront and Monthly
D
upfront and paid in full premium
8) How did HUD helped fuel risky lending?
A
decrease of racial discrimination and an increase of FHA loans
B
Increased lending, insured by HUD, although made with good intend proved troublesome when large amou
C
Neglect of insuring borrowers for repayment of the loans
D
Neglect of examining whether barrowers could make payments on loans classified as affordable
9) Although the FHA advocated for equal opportunity, many minorities remained disadvantaged until the HUD came to pass with a wide array of civil rights laws
A
False
B
True
10) The Federal Housing Administration is the largest insurer of mortgages globally, insuring over 34 million mortages since its birth in
A
1923
B
1934
C
1924
D
1932
*select an answer for all questions
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