Choose wisely. There is only one correct answer to each question.
0%
Keep studying!
Review your answers below to learn more.
1.
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.
2.
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.
3.
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.
4.
What is the lifetime limit that you may borrow from an individual retirement account (IRA) for a down payment on your first home?
The lifetime limit is $10,000. Loans from an IRA must be used within 120 days of receiving it.
5.
In a private home loan, when a "deed of trust" and promissory note are executed, your private lender can foreclose if you default on the loan.
True. Although few private lenders would go so far, your lender holds a lien on your property and has the same rights as a bank.