Finance
A Florida homebuyer qualifies for down payment assistance through the State Housing Initiatives Partnership (SHIP) program. SHIP is:
AA federal program administered by HUD
BA Florida state program providing affordable housing assistance, including down payment and closing cost help for eligible buyers✓ Correct
CA private lender program for first-time buyers
DA program exclusively for veterans
Explanation
SHIP (State Housing Initiatives Partnership) is a Florida state program (Section 420.907-9079 F.
People Also Study
Related Florida Questions
- Florida's 'SHIP' (State Housing Initiatives Partnership) program provides funding to:Finance
- Florida's 'Sadowski Act' (F.S. 420.9071) created a dedicated funding source for affordable housing through:Land Use & Zoning
- A Florida homebuyer obtains a loan with 2 discount points on a $200,000 mortgage. What is the cost of the points at closing?Real Estate Math
- A Florida property is purchased for $450,000. The buyer makes a 5% down payment and finances the balance with a conventional loan. What is the loan amount?Finance
- The Florida Real Estate Recovery Fund provides a maximum payment of how much per transaction regardless of the number of claimants?Florida License Law
- A Florida buyer obtains an FHA loan with 3.5% down. On a $250,000 purchase price, what is the required down payment?Finance
- A Florida borrower's monthly gross income is $6,000. The lender's conventional loan guideline allows a maximum housing expense ratio of 28%. What is the maximum allowable monthly PITI payment?Finance
- A Florida landlord adds a 'no pets' clause to a lease. A prospective tenant with a disability requests an exception for their emotional support animal (ESA). Under the Fair Housing Act, the landlord must:Fair Housing
Key Terms to Know
Private Mortgage Insurance (PMI)
Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
AmortizationThe 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.
Math Concepts
Study This Topic
Practice More Florida Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Florida Quiz →