Credit
This number decides if you get a great rate or a “we need to talk” rate.
What is a credit score?
This loan is famous for low down payments and first-time buyers.
What is an FHA loan?
This number is often confused with the interest rate but is actually more accurate.
What is APR?
“Only first-time buyers can use FHA.”
What is false.
This matters more than your personality when getting a loan.
What is payment history?
This type of loan can allow as little as 3% down.
What is a conventional 97 loan
Buyers—not sellers—often pay this insurance that protects against ownership disputes.
What is title insurance?
You need 20% percent down to buy a home.
False
This percentage of your credit limit you should stay under to keep your score healthy.
What is 30%?
This loan lets you buy a “fixer-upper”… and forces you to actually fix it instead of just talking about it for 3 years.
What is a renovation loan (FHA 203k / Homestyle/Mini construction)?
Closing at the end of the month can reduce this specific upfront cost.
What is prepaid interest?
Closing costs can be financed when buying a home.
Trick question.Depends
This factor makes up the largest portion of your credit score.
What is payment history?
This loan ignores your tax returns and judges you based on your deposits.
What is a bank statement loan?
At closing, you may reimburse the seller for this if they already paid it for the year.
What are property taxes?
“Pre-qualification and pre-approval are the same.”
What is False?
Missing ONE payment can stay on your credit report for up to THIS long.
What is 7 years?
This loan doesn’t care about your income, your job, or your boss—it only cares if the property can pay for itself.
What is a DSCR loan?
Increasing your interest rate slightly can reduce your closing costs through this strategy.
What are lender credits?
You can get a mortgage without a job.
True (if you have assets or rental income)