Question

to qualify for a federal housing administration (fha) loan, a person must generally
provide two individuals to co - sign the loan.
have at least a high school diploma.
have one - quarter of the cost of the home for a down - payment.
fulfill income guidelines.
question 2
10 pts
what is meant by an uncollateralized loan?
a home equity loan.
a personal loan without assets to cover the loan amount.
a loan taken on a life insurance policy.
a loan not backed by a co - signer who agrees to cover the amount of the loan.

Explanation:

• For the first question:
• FHA loans do not require two co - signers.
• There is no high - school diploma requirement for FHA loans.
• The down - payment for an FHA loan is typically much less than one - quarter (usually around 3.5% for well - qualified borrowers).
• One of the key requirements for an FHA loan is that the borrower must fulfill income guidelines (including debt - to - income ratio requirements).
• For the second question:
• A home equity loan is usually a collateralized loan (using home equity as collateral).
• A loan taken on a life insurance policy uses the cash value of the policy as a form of'security' (similar to collateral in a way).
• An uncollateralized loan is defined as a personal loan where there are no assets pledged to cover the loan amount. A co - signer is a different concept from collateral.

Answer:

• First question: fulfill income guidelines.
• Second question: A personal loan without assets to cover the loan amount.