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1.
Wealthy first-time homebuyers might be ineligible for first-time homebuyer programs.
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True. Many such programs require that you earn less than a certain amount of money.
2.
In home-buying terms, "seller financing" means _______.
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The seller of a home finances the mortgage loan on that home. Seller financing refers to the seller giving credit to a buyer, who then pays for the home via a mortgage loan.
3.
What is the lifetime limit that you may borrow from an individual retirement account (IRA) for a down payment on your first home?
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The lifetime limit is $10,000. Loans from an IRA must be used within 120 days of receiving it.
4.
Government loans for home-buyers are available at which levels of government?
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All of the above. Government loans are available at all levels, though not in every city.
5.
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.
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False. Even family loans benefit from contracts. Contracts protect both parties from adverse circumstances.