Finance
A Washington first-time homebuyer uses the WSHFC 'Home Advantage' program. This program typically requires the buyer to:
ABuy a new construction home only
BComplete a homebuyer education course and meet income and purchase price limits✓ Correct
CHave a perfect credit score
DPurchase in a rural area only
Explanation
WSHFC Home Advantage and similar first-time buyer programs typically require buyers to complete an approved homebuyer education course, meet income limits, and not exceed purchase price limits to qualify for the below-market rate loans.
Related Washington Finance Questions
- A Washington seller who accepts a buyer's VA loan offer should know that VA loans:
- Washington's consumer protection laws require mortgage lenders to provide borrowers with the Loan Estimate within 3 business days of application. If the lender provides it late, the borrower's primary remedy is:
- The Truth in Lending Act (TILA) requires lenders to disclose the Annual Percentage Rate (APR). The APR differs from the interest rate because it:
- A Washington buyer is applying for a loan and provides inaccurate income documentation to qualify for a higher loan amount. This constitutes:
- A Washington lender approves a loan based on an appraised value of $520,000 at 80% LTV. The purchase price is $535,000. The maximum loan amount is based on:
- A Washington homebuyer uses a 203(k) rehabilitation loan. This loan is offered by:
- A Washington borrower pays $3,600 in prepaid interest (per diem) at closing. This charge typically represents:
- A Washington lender uses the concept of 'debt coverage ratio' (DCR) when underwriting commercial loans. A DCR of 1.25 means:
Practice More Washington Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Washington Quiz →