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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?
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Your employer. Your employer sets this condition, along with certain others.
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.
Because they are intended to help new homeowners, first-time homebuyer programs do not have restrictions on who can qualify for them.
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False. Even these programs seek to protect themselves from risk. They set out several requirements of those who apply.
4.
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.
5.
The Veterans Administration _______ home loans to eligible recipients.
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Guarantees. It does not make its own loans.