Finance
Maine Housing's Income Limits for its homebuyer programs are based on:
AStatewide average income only
BArea Median Income (AMI) for the specific county or metropolitan area✓ Correct
CFederal poverty level guidelines
DThe property purchase price
Explanation
Maine Housing's programs use Area Median Income (AMI) for the specific county or metropolitan area to determine income eligibility, recognizing that income levels vary across different parts of Maine.
People Also Study
Related Maine Questions
- Under Maine's Human Rights Act, discrimination in housing based on source of income means a landlord cannot refuse to rent to someone because:Fair Housing
- A Maine homebuyer's annual gross income is $72,000. Using a 28% front-end ratio, the maximum monthly housing payment (PITI) is:Real Estate Math
- The Maine Human Rights Act (MHRA) protects against housing discrimination based on which characteristic NOT covered by the federal Fair Housing Act?Fair Housing
- A Maine borrower has a gross monthly income of $5,000. Under conventional lending guidelines, what is the maximum allowable monthly housing payment (front-end ratio at 28%)?Finance
- Under Maine law, which of the following properties is generally exempt from the Fair Housing Act's prohibition against discrimination based on familial status?Fair Housing
- The Maine Human Rights Act prohibits housing discrimination based on which protected class NOT included in the federal Fair Housing Act?Fair Housing
- A Maine lender's 'debt-to-income ratio' (DTI) requirement limits the borrower's total monthly debt payments to what percentage of gross monthly income for most conventional loans?Finance
- In Maine, 'transferable development rights' (TDR) programs allow a landowner in a preservation area (sending zone) to:Land Use & Zoning
Key Terms to Know
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.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Study This Topic
Practice More Maine Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Maine Quiz →