Credit
What is the name one of the three major credit bureaus?
Experian, Trans Union and Equifax
This a person is paid primarily by 1099, that person is considered . . .
What is Self Employed?
This is a government backed loan often used by first time buyers with a down payment as low as 3.5%?
What is an FHA loan?
The name of a professional third party that provides an impartial valuation of your home?
What's an Appraiser.
A car payment is an example of what this type of credit obligation.
What is an Installment Debt?
A person that is paid by an employer via pay check and W2 this person is considered . . .
What's a wage earner?
This is a government backed loan reserved for active military and or veterans that allows a $zero down payment.
What's a VA loan?
This is what it's called when a relative gives money to a child to help buy a house.
What's a gift?
This is the percentage of your credit score that is represented by credit card usage.
What is 1/3.
This is a standard percentage of a person's gross income that should be used for housing costs, according to Fannie Mae?
What is 28%?
This is a government backed mortgage that allows borrowers buying in designated rural areas to put $zero down.
What's a USDA loan?
These are the components that make up your monthly mortgage payment?
What's PITI - Principal, Interest, Taxes and Insurance
A credit card is an example of this type of credit obligation.
What is Revolving Credit?
This is the standard debt ratio percentage Fannie Mae recommends for housing plus all other expenses.
What is 36%?
This is what a secondary loan or grant is called that helps a person with making a down payment.
What is DPA Down payment assistance loan?
This is the security instrument a lender records on a home they lend on?
What's a Deed of Trust?
This is the definition of a credit score:
A credit score is a three-digit number, typically ranging from 300 to 850, that represents an individual's creditworthiness (how likely they are to repay a loan). Lenders use this score to help decide whether to approve applications for loans, credit cards, mortgages, or even rental and insurance policies, and the terms and interest rates they will offer.
This can be done to lower your debt ratio.
What is get a job? Just kidding. You can pay down or pay off debts showing on your credit.
This is what a standard, non government backed / insured loan is called. This is the minimum down payment required.
What's a Conventional Loan? What's 3% Down?
This is where banks and mortgage companies get their money to lend.
What is Fannie Mae?