CREDIT & INCOME
NAME THE 3 MAJOR CREDIT BUREAU'S
WHAT IS EQUIFAX, EXPERIAN, TRANSUNION
HOW MANY MONTHS BEFORE BUYING A HOME SHOULD YOU GET PRE-APPROVED
WHAT IS 3 MONTHS
THE MINIMUM DOWN PAYMENT REQUIRED FOR A FHA LOAN
WHAT IS 3.5% OF THE PURCHASE PRICE
STANDARDIZED DOCUMENT PROVIDED BY THE LENDER THAT TERMS AND CLOSING COSTS
WHAT IS A LOAN ESTIMATE
ALLOWS YOU TO RENOVATE OR REMODEL YOUR HOME WITHOUT LANDLORD APPROVAL
WHAT IS HOME OWNERSHIP
T/F: MTG COMPANIES USE YOUR HIGHEST SCORE TO QUALIFY YOU FOR A LOAN
WHAT IS FALSE
HOMEBUYERS SHOULD MEET WITH WHO TO CREATE A GAME PLAN FOR BUYING A HOME (HINT: 2 PEOPLE)
WHAT IS A LOAN OFFICER AND REALTOR
THE PERCENTAGE OF A BORROWER'S GROSS MONTHLY INCOME THAT GOES TOWARD DEBT PAYMENTS
WHAT IS DEBT-TO-INCOME RATIO (DTI)
LEGALLY BINDING CONTRACT BETWEEN THE BUYER AND SELLER OUTLINING THE TERMS AND CONDITIONS OF THE SALE OF THE PROPERTY
WHAT IS A PURCHASE CONTRACT
WHAT IS 4.27%
THE TOTAL INCOME A BORROWER EARNS BEFORE TAXES AND OTHER DEDUCTIONS
WHAT IS GROSS MONTHLY INCOME
A GOOD FAITH DEPOSIT MADE BY A HOMEBUYER TO SHOW SERIOUS INTENT TO PURCHASE A PROPERTY ONCE UNDER CONTRACT
WHAT IS AN EARNEST MONEY DEPOSIT (EMD)
A PROGRAM OR FINANCIAL AID DESIGNED TO HELP HOMEBUYERS COVER THE DOWN PAYMENT AND SOMETIMES CLOSING COSTS FOR PURCHASING A HOME
WHAT IS A DOWN PAYMENT ASSISTANCE PROGRAM (DPA)
THE REPORT THAT DETERMINES THE FAIR MARKET VALUE OF A HOME
WHAT IS AN APPRAISAL
THE DIFFERENCE OF YOUR HOME'S VALUE MINUS WHAT IS OWED ON THE HOME
WHAT IS EQUITY
THE HIGEST PERCENTAGE OF DEBT BORROWERS SHOULD CARRY ON THEIR CREDIT CARDS TO AVOID A NEGATIVE SCORE
WHAT IS 30% OF THE CARD'S CREDIT LIMIT
EX: $2,000 MAX CREDIT, $600 DEBT= 30%
IN ORDER TO BE CONSIDERED A 1ST TIME HOME BUYER YOU MUST NOT HAVE HAD A PROPERTY IN YOUR NAME IN HOW MANY YEARS
WHAT IS 3 YEARS
THREE THINGS LENDERS CONSIDER FOR MORTGAGE APPROVAL
WHAT ARE CREDIT, INCOME, AND ASSETS
WHAT ARE THE THREE CONTINGENCIES IN A PURCHASE CONTRACT
HOME INSPECTION, APPRAISAL, AND APPROVAL
T/F: MORTGAGE INTEREST IS A TAX DEDUCTIBLE ITEM
WHAT IS TRUE
THE LENGTH OF EMPLOYMENT HISTORY THAT A LENDER MUST VERIFY TO QUALIFY YOU FOR A MORTGAGE LOAN
WHAT IS TWO YEARS
DAILY DOUBLE: WHO DO YOU CALL WHEN YOU WANT TO START THE HOMEBUYING PROCESS
WHO IS JEREMY
A NEUTRAL THIRD-PARTY ACCOUNT WHERE FUNDS ARE HELD UNTIL CONDITIONS OF A CONTRACT ARE MET
WHAT IS AN ESCROW ACCOUNT
DETERMINES THE CONDITION OF THE HOME AND IS COMPLETED BEFORE THE APPRAISAL
WHAT IS A HOME INSPECTION
THE BUILDER INCENTIVE FOR HOLMES HOMES AND THEIR PREFERRED LENDER
WHAT IS $2,500