The Affordability Ratios Used to Qualify Applicants for FHA and VA

question 196

True/False

The affordability ratios used to qualify applicants for FHA and VA loans are more stringent than those used for conventional loans.

---

Definitions:

U.K.'s Laws

The legal rules and regulations that are governing within the United Kingdom, encompassing statutes, common law, and legal precedents.

Principle of Comity

A legal doctrine that suggests courts within one jurisdiction will give effect to the laws and judicial decisions of another jurisdiction, based on mutual respect rather than obligation.

Agency Relationships

A legal relationship in which one party (the agent) acts on behalf of another party (the principal) in a business transaction.

Act of State Doctrine

A principle in international law that a nation is sovereign within its own borders and its domestic actions may not be questioned in the courts of another nation.