Finance
Which Ohio state agency administers the Ohio Housing Finance Agency (OHFA) programs for first-time homebuyers?
AODREPL
BThe Ohio Housing Finance Agency (OHFA), an independent state agency✓ Correct
CThe Ohio Department of Commerce
DThe Federal Housing Administration
Explanation
The Ohio Housing Finance Agency (OHFA) is an independent state agency that provides down payment assistance, mortgage loans, and other affordable housing programs to Ohio homebuyers and renters.
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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
State-Specific Concepts
DRE Regulation
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