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Understanding FHA Loan Regulations and Fundamentals Quiz

#1

What does FHA stand for in the context of home loans?

Federal Housing Administration
Explanation

Government agency that insures mortgages.

#2

What is the purpose of FHA loans?

To assist low-to-moderate income borrowers in purchasing homes
Explanation

Aim to help those with limited means buy homes.

#3

Which of the following properties is not eligible for FHA financing?

Vacation homes
Explanation

Properties used for recreational purposes.

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