David Saks

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Education & Training - TN LIC# 290452 (retired)
David Saks is a musician, retired real estate broker, and long-time ActiveRain member. David's blog features important information relevant to the safety, integrity and security of the industry. In addition to his widely read real estate fraud blog, a comprehensive overview of real estate continuing education is a weekly addition for his subscribers and the ActiveRain community at-large. Thank you for subscribing to and for visiting David's ActiveRain home on the internet. Please join. Membership in ActiveRain will enrich your life !

ARCHIVED BLOG POSTS

2010 

                                                            #840 A buyer wants to finance the purchase of a duplex with an FHA loan. The buyer may do this only if the intention is to rent out both of the units. Is this fact true or false ? Please take your time. Te solution is posted below the wi...
09/26/2010
                                                       #839 For hypothetical purposes, a home is located in a low closing cost area of a state and it's selling for $400,000. It was appraised at $410,000. The FHA max ceiling for the loan is $390,000. The maximum amount that the buyer would be able...
09/26/2010
                                                       #838 The Federal Housing Administration not only insures the loans it sells, but it buys them also. Is this fact true or false ? Please take your time. The solution is posted below the wildlife photo. A. False The Federal Housing Administrati...
09/26/2010
                                                          #837 Secondary financing of a property may always be used to cover the minimum cash investment of the borrower as long as the sum of the two loans exceed the properties value. Is this fact true or false ? (puhleeez, you better not miss thi...
09/26/2010
                                                      #836 If secondary financing is used in alignment with a conventional loan it may never be partially or fully amortized with a balloon payment. Is this fact true or false ? Please take your time. The solution is posted below the wildlife photo....
09/26/2010
                                                        #835 A man is applying for aconventional loan with an LTV of 90%. He has a monthly income of 3000 dollars a month. His total monthly recurring debt obligations equal 500 dollars. What is the maximum monthly mortgage payment that this buyer w...
09/26/2010
#834 When we talk about a 2-1 buydown plan we're talking about buying down the interest rate at 1% for two years. Is this fact true or false ? Please take your time. The solution is posted below the wildlife photo. A. False A 2-1 buydown plan is one that is considered a temporary buydown and the...
09/26/2010
#833 When considering a bi-weekly loan, one of the disadvantages is that it will take more time to build equity. Is this fact true or false ? Please remember to take your time. The solution is posted below the wildlife photo. A. False Equity will build much faster with a bi-weekly loan because t...
09/26/2010
#832 Private mortgage insurance is usually required if the loan-to-value ratio exceeds 80%. Is this true or false ? Please remember to take your time. The solution is posted below the wildlife photo. A. True PMI (provate mortgage insurance) is most always required for loans which exceed 80% of t...
09/26/2010
#831 A buydown is not an option when the lender is considering a way to help a buyer qualify for a loan. Is this fact true or false ? Please take your time. The solution is posted below the wildlife photo. A. False The buydown will allow a third party or the seller to pay a sum to the lender whi...
09/26/2010
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David Saks

May God Bless You, Always. David
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