Finance
What is the function of the Oregon Housing and Community Services (OHCS) agency?
ATo regulate real estate licensees in Oregon
BTo provide affordable housing financing programs for low- and moderate-income Oregonians✓ Correct
CTo manage the Oregon state land registry
DTo set property tax rates in Oregon
Explanation
Oregon Housing and Community Services (OHCS) is the state housing finance agency that administers affordable housing programs, including first-time homebuyer assistance, down payment aid, below-market mortgages, and rental assistance programs. OHCS helps low- and moderate-income Oregonians access homeownership and stable rental housing.
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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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