Finance
What is the Idaho Housing and Finance Association (IHFA) and how does it help homebuyers?
AA private lending company offering subprime loans
BA state agency that provides below-market rate mortgages and down payment assistance programs for qualified Idaho homebuyers✓ Correct
CA federal program specific to Idaho rural areas
DAn insurance company for Idaho lenders
Explanation
IHFA is Idaho's state housing finance agency. It provides affordable mortgage financing, down payment and closing cost assistance, and homebuyer education programs.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
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.
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.
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.
Math Concepts
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