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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.
One advantage of having a home loan guaranteed by the Veterans Administration or Federal Housing Administration is that the down payment may be waived or reduced.
True. This is an advantage of these guarantees.
3.
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.
4.
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.
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.
False. Even family loans benefit from contracts. Contracts protect both parties from adverse circumstances.