Housing Affordability Quiz Attempt #3

Housing Affordability Quiz Attempt #3

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*Housing Affordability Quiz #4*
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Question 1 of 10

1. Question
An application for funds is a form used to apply for a mortgage loan that contains which information about the borrower?
- income
- savings
- assets
- all of the above and more
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Question 2 of 10

2. Question
Which of the following is true?
- Debt is credit extended to someone
- Debt is an amount owed to another
- Debt is an amount owed to another with interest
- Debt is repayable
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Question 3 of 10

3. Question
PITI reserves would apply for:
- An amount which is financed with the mortgage
- A cash amount the borrower must have on hand after down payment and closing costs
- Both would apply
- Neither would apply
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Question 4 of 10

4. Question
A characteristic of the term “pre-approval” could be described as
- It applies only to the property
- It is a loosely used term
- It is done before the loan application is complete
- None of the above
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Question 5 of 10

5. Question
All of the following are correct about “revolving debt” except
- 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:
- The amount owed TO a client
- The amount of principal that has not been paid
- A credit to the broker
- None of the above
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Question 8 of 10

8. Question
A credit report that pulls from two or more major credit repositories is called a:
- Multi-credit report
- Merged credit report
- This is not legal
- None of the above
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Question 9 of 10

9. Question
Nick 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 Nick?
- Good Neighbor Next Door
- Home Ready Mortgage
- Community Seconds
- Rural Housing Service
- Home-style Renovation
Correct

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Question 10 of 10

10. Question
Joe is from a rural area and is looking for a loan for a multi-family property, and child centers. What would be the best Government Affordable Home-ownership Program for Joe?
- Subordinate Mortgage
- Home Ready Mortgage.
- Rural Housing Service
- Fannie Mae
- Home Renovation
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