Housing Development Corporation First Time Home Buyer Quiz
According to the Program Guidelines, what percent of the purchase price does the Housing Development Corporation require you to have in reserves when applying for program funds?
30%
10%
1.5%
20%
According to the "Inspections" list, what size must the main breaker be in the home you are looking to purchase if it is to qualify for our program funding?
50 amps
100 amps
150 amps or greater
Any size will work
According to the "Next Steps" document, what 3 pieces of information are needed in order to determine your next steps in our program?
Name, birth date, address
Credit Score(s), Debt-to-income ratio, Amount in Reserves
Favorite color, favorite animal, favorite ice cream
Phone number, email address, Instagram account
The Housing Development Corporation's First Time Home Buyer assistance funding CAN be used towards a down-payment on an FHA loan.
True
False
According to the "How to Buy a Home" PowerPoint presentation, closing costs typically consist of what percent of the purchase price?
1-2%
3-4%
5-6%
7-8%
According to the "How to Buy a Home" PowerPoint presentation, if the purchase price is $150,000 what is the estimated down-payment?
$2,000
$3,000
$4,000
$4,500
According to the Housing Development Corporation program "Guidelines" document, what is the minimum credit score required for our down-payment/closing cost assistance funding?
600
620
640
660
According to the Housing Development Corporation program "Guidelines" document, the household income of program applicants must be equal-to or below_____% of the area median income determined by HUD.
20%
40%
60%
80%
What percentage of the purchase price does an FHA loan require as a down-payment?
1.5 %
2.5 %
3.5 %
4.5 %
According to the "How to Buy a Home" presentation, what is NOT an out-of-pocket expense in home buying.
Earnest Money
Inspections
Appraisal fee
Realtor fees
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