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1.
If you take out a loan from your employer's 401(k) plan, who sets the loan fees for it?
Your employer. Your employer sets this condition, along with certain others.
2.
If you decide to take out a private home loan from a family member, there is never any need to draw up formal contracts for it.
False. Even family loans benefit from contracts. Contracts protect both parties from adverse circumstances.
3.
One advantage of having a home loan guaranteed by the Veterans Administration or Federal Housing Administration is that the down payment may be waived or reduced.
True. This is an advantage of these guarantees.
4.
Which form of seller financing refers to a buyer making payments on a home and then receiving title to the home only when the home is finally paid off?
Land contract. In a land contract, the buyer has equitable title, but not full title.
5.
Because they are intended to help new homeowners, first-time homebuyer programs do not have restrictions on who can qualify for them.
False. Even these programs seek to protect themselves from risk. They set out several requirements of those who apply.