Finance
Under Alaska Housing Finance Corporation (AHFC) programs, what type of property typically qualifies for financing?
ACommercial properties and multi-family buildings over 50 units
BOwner-occupied primary residences meeting program guidelines✓ Correct
CVacation cabins and recreational properties
DAny property regardless of use
Explanation
AHFC programs primarily finance owner-occupied primary residences. Programs vary, but the focus is on helping Alaskans purchase or improve their primary homes rather than investment or vacation properties.
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Key Terms to Know
Amortization
The gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
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