Housing Affordability Quiz Attempt #2

Housing Affordability Quiz Attempt #2

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*Housing Affordability Quiz #3*
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*Homeowner*

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Question 1 of 10

1. Question
An application for funds is:
- a mortgage
- a form used to apply for a mortgage loan
- an income documentary
- used to recieve money
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Question 2 of 10

2. Question
Define a debt:
- It is the credit that extended to someone
- It is an amount owed to another
- It is an amount owed to another with interest
- it is repayable
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Question 3 of 10

3. Question
For which of the following would PITI reserves apply?
- A cash amount the borrower must have on hand after down payment and closing costs
- An amount which is financed with the mortgage
- All would apply
- None would apply
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Question 4 of 10

4. Question
When considering the term “pre-approval”, which of the following is true?
- It is done before the loan application is complete
- It applies only to the property
- It is a loosely used term
- None of the above
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Question 5 of 10

5. Question
What answer does not pertain to a “revolving debt”?
- the customer is billed for the amount borrowed
- a customer borrows against a pre-approved line of credit
- It is a type of credit arrangement, like a credit card
- The remaining school term for a real estate class
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Question 6 of 10

6. Question
Value is placed on a property for which purpose in an assessment?
- Taxation
- Real estate sales
- Income
- Market analysis
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Question 7 of 10

7. Question
The remaining balance is:
- None of the above
- A credit to the broker
- The amount of principal that has not been paid
- The amount owed TO a client
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Question 8 of 10

8. Question
Raw data pulled from two or more of the major credit repositories is called a:
- None of the these are correct
- Multi-credit report
- Merged credit report
- This is not legal
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Question 9 of 10

9. Question
Matt is having trouble paying closing costs and there are some needs for renovation in his garage of the new home. Which program would be the best for Matt?
- Good Neighbor Next Door
- Community Seconds
- Home-style Renovation
- Good Neighbor Next Door
- Home Ready Mortgage
Correct

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Question 10 of 10

10. Question
__________ targets rural area borrowed and gives them access to grants, loans, and loan guarantees for single-family and multi-family purchases, as well as child centers, libraries and more.
- Home Renovation
- Rural Housing Service
- Subordinate Mortgage
- Home Ready Mortgage.
- Fannie Mae
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