Sellers will give greater consideration to your offer if you include this document from your lender.
What is a mortgage loan pre-approval?
100
The person who ensures all guidelines for the loan program are met before approving a mortgage loan.
Who is the underwriter?
100
An important thing to remember when considering your priorities is this one thing you can never change about the home you buy.
What is the location?
100
The document you receive from your lender within 3 days of applying for a loan that clearly outlines the costs associated with the loan.
What is the Loan Estimate?
100
Abbreviated WSHFC, this organization sponsored this course and provides a broad assortment of Homebuyer Assistance Programs.
What is the Washington State Housing Finance Commission?
200
Homebuyers should develop one of these so they know how much they can comfortably afford to pay for their home on a monthly basis.
What is a budget?
200
Assessing a homes value is their responsibility.
What are an appraiser?
200
Something you can negotiate for the seller to pay in your sales contract so you it is not an out of pocket expense for you.
What are closing costs?
200
The formula your lender uses to determine the maximum payment you qualify for. The maximum allowed for most loan programs is 45%.
What is the Debt to Income Ratio?
200
In 30 years, when you move out of the home, when you refinance the home, or when you pay off the first mortgage.
When do I have to pay off the second mortgage for most of the down payment assistance programs?
300
An important list to review with your real estate professional to help them understand what is most important to you as they help you shop for a home.
What are priorities?
300
Someone you can contact if you need more information about the home buying process, assistance with credit repair, review of your loan documents, or assistance with foreclosure prevention you should meet with this person.
What is a Housing Counselor?
300
The money you provide with your offer to purchase a home that is required to make the contract legally binding and also shows the seller than you are serious about your offer.
A government guaranteed loan with an income limit based on total household income and where the home must be located in a rural area.
What is a USDA 502 Guarantee loan?
400
The person who's name appears on the sign in front of a home for sale and has a legal responsibility to represent the seller's best interest in a real estate sales transaction.
What is the listing agent?
400
The person you will meet with to sign your loan closing documents.
Who is the Escrow Officer?
400
The document the seller must provide that reveals anything that they are aware of that is wrong with the home.
What is the Seller's Disclosure?
400
You must review the Loan Estimate and inform your lender that you intend to proceed with the loan before they can do this.
What is order the home appraisal?
400
The document you will receive today that is required for participation in WSHFC loan programs.
What is a Homebuyer Education Certificate?
500
The person who helps you find a home, prepares the paperwork to put an offer on a home for sale, and has a legal responsibility to represent the homebuyer.
What is a buyers agent?
500
The person you hire to evaluate and report on the condition of the home you have put an offer to purchase on.
Who is the Home Inspector?
500
Clauses in the sales contract that release the purchaser from the contract under certain circumstances, such as an unsatisfactory home inspection, or you are unable to obtain financing.
What are contingencies?
500
The three "C"s the lender looks at when evaluating your application.
What are Credit, Capacity, and Collateral?
500
A WSHFC sponsored loan program that does not require you to be a first time homebuyer, offers a competitive interest rate, has a $97,000 income limit, that makes you automatically eligible for a 0% interest 2nd mortgage up to 4% of the first loan amount.