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1.
In order for you to handle a private mortgage as a bank would, what documents must be prepared?
A promissory note and a mortgage or "deed of trust". A repayment schedule is not required, but is certainly a good idea.
2.
The Veterans Administration _______ home loans to eligible recipients.
Guarantees. It does not make its own loans.
3.
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.
4.
If your employer's 401(k) plan allows for loans, the maximum loan amount for all employees will be $50,000.
False. The maximum loan amount set by law is the lesser of one-half of your vested balance in the plan or $50,000.
5.
Wealthy first-time homebuyers might be ineligible for first-time homebuyer programs.
True. Many such programs require that you earn less than a certain amount of money.