Misc.
Something lenders require to avoid financial loss for you and them
What is homeowner's insurance?
What is a real estate agent?
Who is the closing agent?
Recommended amount of living expenses for savings.
What is 3-6 months.
Range of credit scores
What is 300-850
Something that can assist consumers in purchasing a home when they don't have sufficient savings
What is down payment assistance
Person or agency who makes loans for purchases
Who is a lender?
Person or agency who sells protection for your home
Who is the insurance agent?
Ideal amount of saved living expenses`
Act that protects consumers from lending discrimination
What is ECOA or Equal Credit Opportunity Act?
Fraudulent acquisition and use of a person's private identifying information for financial gain.
What is identity theft?
Works with the lender to determine the risk of lending you money for home purchase
Who is the underwriter?
Government official that is responsible for determining property value for tax purposes.
Who is the assessor ?
Housing cost as a percentage of your income
What is my housing ratio or front end ratio
Act that ensures consumers are given all necessary information to compare credit/loan offers.
What is the truth in lending act?
What are public records?
Will also accept bankruptcy.
Professional who conducts an inspection of the home's systems and structure
Who is the home inspector?
Individual who is there to support your journey even after closing on your home.
Who is my housing counselor?
Total monthly debt as a percentage of income
What is my debt to income ratio or back end ratio
Act that dictates when and who creditors can contact pertaining to debt
What is the Fair Debt Collection Practices Act?
Where you can get your credit report for free. (only site recommended by the CFPB)
Professional who estimates a property's fair market value as required by the lender
Who is the appraiser
Person who guides you through the homebuying process
Who is my housing counselor? Will also accept RCAP Solutions.
First thing you should do when denied a mortgage
What is talk to my housing counselor?
4 C's of credit
What is Capital, capacity, character, collateral