Finance (alternative)
In Maryland, the Home Affordable Modification Program (HAMP) was designed to:
AHelp investors buy distressed properties
BHelp struggling homeowners modify their mortgage payments to affordable levels and avoid foreclosure✓ Correct
CProvide new purchase mortgages at below-market rates
DCompensate real estate agents for short sales
Explanation
HAMP (now expired) was a federal program that helped eligible homeowners in Maryland and nationwide modify their mortgage terms — reducing interest rates and extending terms — to prevent foreclosure.
Related Maryland Finance (alternative) Questions
- Under Dodd-Frank's Qualified Mortgage (QM) rule, a Maryland borrower generally cannot have a debt-to-income ratio exceeding:
- In Maryland, 'assumption of a mortgage' means the buyer:
- A Maryland borrower with excellent credit qualifies for a conventional loan with 20% down. This borrower avoids:
- A Maryland bridge loan is typically secured by:
- In Maryland, the prepayment penalty on a residential mortgage loan with a term of 6 or fewer years:
- In Maryland, 'correspondent lending' refers to:
- In Maryland, the 'primary mortgage market' refers to:
- Maryland buyers who receive gifts for down payments typically must provide the lender with a:
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