Finance
In Georgia, a first-time homebuyer is typically defined as someone who has not owned a principal residence in the past:
A1 year
B3 years✓ Correct
C5 years
D10 years
Explanation
For most state and federal first-time homebuyer programs (including Georgia Dream), a first-time homebuyer is defined as someone who has not owned a principal residence in the past 3 years.
People Also Study
Related Georgia Questions
- Georgia's 'First-Time Homebuyer Programs' through the Georgia Dream program are administered by:Finance
- Joint tenancy in Georgia requires which four unities?Property Ownership
- Formaldehyde in homes is commonly found in:Environmental
- In Georgia, the state fair housing law adds which protected class NOT covered by federal law?Fair Housing
- A Georgia buyer takes out a $240,000 mortgage at a 7% fixed rate, fully amortized over 30 years. The monthly payment factor at 7% for 30 years is $6.65 per $1,000. What is the approximate monthly P&I payment?Finance
- The Georgia Dream Home Ownership Program is administered by:Finance
- A Georgia homebuyer is obtaining an FHA loan. The maximum loan-to-value (LTV) ratio for an FHA purchase loan with minimum down payment is approximately:Finance
- Which federal agency oversees the FHA loan program?Finance
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.
State-Specific Concepts
DRE Regulation
Study This Topic
Practice More Georgia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Georgia Quiz →