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Hello all, I am working on getting my real estate salesperson's license. So, I need to take 3 courses, real estate principals, practice and an elective which I chose to be mortgage loan brokering and lending. I started with the Morgage book and it seems to be a bit dated, last copyrighted in 2006. For example it states how there are loan programs with 95% LTV and 100% LTV but those days are gone. I am also having a hard time understanding all the different loan programs available, there are so many! My first question is what kind of details pertaining to loans are asked on the DRE State Exam (I am in California) regarding loans. Second, where can I go to get updated information on loan programs and to be better prepared for the exam.
I would suggest that you go to a company like CompuCram or RealEstateExamUsa and take their preparatory classes for the California DRE Exam.
There still are 95% conventional loans available, the minimum credit requirements are just higher than they used to be. FHA loans have a 96.5% LTV. USDA and VA loans are still at 100%. Plus in many states there are state loan programs that will allow 100 to 103% loans.
As far as learning about the different loan programs available, the mortgage industry is in a constant state of flux. The basics stay pretty much the same however. It is a great thing that you are trying to familiarize your self with the basic loan programs.
I am using Real Estate Trainers for my preparatory courses. I know about the FHA and the VA loans I just thought that 95% and 100% LTV conventional loans wouldn't be available. Thanks for the help!
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