Choose wisely. There is only one correct answer to each question.
0%
Keep studying!
Review your answers below to learn more.
1.
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.
2.
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.
3.
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.
4.
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.
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.