FNMA Purchases Home Mortgages Only If the Borrower's Monthly House

question 116

True/False

FNMA purchases home mortgages only if the borrower's monthly house payment does not exceed 35 percent of his monthly gross income.

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Definitions:

Exchange Rates

The rate for transforming one currency into another.

Income Statement

A financial report that shows a company's revenues, expenses, and net income over a specific period of time.

Functional Currency

The primary currency of the primary economic environment in which an entity operates, usually used in its financial reporting.

Sales

The total receipts a company generates from selling its goods or services over a certain period of time; also often referred to as revenue.