Finance
In Ohio, which of the following is an example of a 'hard money' loan?
AA 30-year fixed FHA loan from a bank
BA short-term, high-interest loan from a private investor secured by real property✓ Correct
CA government-subsidized low-income housing loan
DA USDA rural development loan
Explanation
Hard money loans are short-term, asset-based loans from private lenders. They are typically used by investors for quick acquisitions or rehabs and carry higher interest rates than conventional financing.
Related Ohio Finance Questions
- Under the Dodd-Frank Act, an Ohio lender making a 'qualified mortgage' (QM) must ensure the borrower has:
- Under Ohio law, a lender who violates TILA disclosure requirements may face:
- What is the role of the Federal Reserve in mortgage markets?
- In Ohio, a 'certificate of eligibility' (COE) is required to obtain which type of mortgage loan?
- What is a home equity line of credit (HELOC)?
- In Ohio, which document serves as evidence of the borrower's personal obligation to repay the mortgage debt?
- Under Ohio's mortgage law, which party has the right to foreclose when the borrower defaults?
- What is a purchase money mortgage?
Practice More Ohio Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Ohio Quiz →