Finance
The Massachusetts Homeownership Opportunity Program (MassHousing) primarily serves:
ACommercial real estate investors
BFirst-time homebuyers and low-to-moderate income households seeking affordable financing✓ Correct
CLuxury condominium buyers in Boston
DOnly military veterans
Explanation
MassHousing is a Massachusetts state agency providing affordable mortgage products and down payment assistance programs to first-time homebuyers and low-to-moderate income households throughout the state.
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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.
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
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