PSI General Portion Content Outline – Financing

IV. Financing (Salesperson 10%; Broker 8%)

A. Basic concepts and terminology

  1. Points
  2. LTV
  3. PMI
  4. Interest
  5. PITI
  6. Financing instruments (mortgage, promissory note, etc.)

B. Types of loans

  1. Conventional loans
  2. FHA Insured loans
  3. VA guaranteed loans
  4. USDA/rural loan programs
  5. Amortized loans
  6. Adjustable-rate mortgage loans
  7. Bridge loans
  8. Owner financing (installment and land contract/contract for deed)

C. Financing and lending

  1. Lending process application through closing
  2. Financing and credit laws and rules

a) Truth in lending


c) Equal Credit Opportunity

d) CFPB/TRID rules on financing and risky loan features

  1. Underwriting

a) Debt ratios

b) Credit scoring

c) Credit history

Was this article helpful?

Related Articles

Need Support?

Can't find the answer you're looking for?
Contact Support