Homeownership - Samenvattingen, Aantekeningen en Examens

Which factor is best for housing counselors to use when determining how much a client can afford to spend on purchasing a home? A. Debt to-income ratios B. Annual gross income C. Savings D. Options A, B, C E. None of the above - Answer- D. Options A, B, and C A person or company that makes loans for real estate purchases. "Loan officer" is a related term that refers to a representative of a lending or mortgage company who is responsible for soliciting homebuyers and for qualifying and...

facilitator - ANSWER a real estate agent who helps complete the purchase agreement, usually when the buyer has decided not to use a buyer's agent real estate attorney - ANSWER documents and reviews any offer. protects your rights, duties are clearly defined, helps resolve issues like title insurance and environmental laws. needed to review closing documents Home inspector - ANSWER looks for major issues you need to be aware of before buying a home. water/structural damage, code violatio...

HUD Exam- Homeownership (Q&A)

HUD Exam- Homeownership (Q&A)

HUD Exam 2023 Questions and Answers- Homeownership

Loan-to-Value Ratio (LTV) - correct answer The percentage of the lesser of the appraised value or sales price that the lender will lend. ex: If a borrower is approved for an 80% loan, it means that the lender will loan up to 80% of the sales price or appraised value, whichever is lower. Package Mortgage - correct answer Includes both real and personal property ( fixtures and furnishings) Blanket Mortgage - correct answer Covers more than one piece of property. Wraparound Mortgage - c...

Module 4.1 Homeownership-PrePurchase Part 2 Questions with verified correct answers

HUD EXAM- HOMEOWNERSHIP QUIZ WITH VERIFIED ANSWERS GRADED A+

What are NACA's Four Core Principles? Wear Their Shoes, Take Ownership, Check & Verify, & Be Relentless. Purchase Program NACA has developed a comprehensive housing counseling program where Members are prepared for homeownership and are qualified to obtain mortgage financing. This includes access to NACA's extraordinary mortgage product that makes affordable homeownership a reality - with no down payment, no closing costs, no fees, no mortgage insurance and a below market fixed interest...

Which law ensures lenders use an annual percentage rate (APR) so that the borrowers have the information they need to make informed comparisons? Correct Answer: Regulation Z Which law ensures that some borrowers have the right of rescission for three business days after a loan contract is signed? Correct Answer: Regulation Z While it is unlawful to consider race when underwriting a loan, what federal legislation requires that this information be included on the loan application? Correct ...