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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.
Government loans for home-buyers are available at which levels of government?
All of the above. Government loans are available at all levels, though not in every city.
3.
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.
4.
In home-buying terms, "seller financing" means _______.
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.
5.
First-time homebuyers need not worry about having a bad credit score in order to benefit from a first-time homebuyer program.
False. A common requirement is that you keep a good credit score. The purpose of this is to ensure that you are not too much of a risk to the lender.