Affordable Home Purchasing Quiz Results

Click the here to take the quiz and see what you know about Affordable Home Purchasing.

Below are the results from the Affordable Home Purchasing Quiz:

1. Does every mortgage require a Down Payment?

Answer - No, not every mortgage requires a down payment. Many Lenders have grant programs that pay for your down payment based on a set of criteria.

2. You must have a credit score of _____ to qualify for a Mortgage.

Answer - All of the answers are true. Urban Cool KC has a variety of programs and loan types that we refer to our clients that can help anyone with any credit score apply for a mortgage. It depends on the Lender and Type of Loan. There are programs that don't require a credit score and instead look at your history of making basic monthly payments like Rent and Car Payments.

3. Do you know what the current mortgage interest rates are on average?

Answer - Current Mortgage interest rates are averaging above 7% depending on the Lender and Type of Loan. There are Grant Programs that you can get as low as 4%.

4. Do you know what an A.R.M. is?

Answer - A.R.M. stands for Adjustable Rate Mortgage. These were very popular in 2006-2008 before the housing crash and caused a lot of people to lose their homes because when the rate went up they couldn't afford their increased monthly mortgage. Currently there are more A.R.M.s because of the higher interest rates - lenders use them to help people afford a home they would like to purchase. It is key to be well versed in what an A.R.M. is and how it works before purchasing a home with this type of mortgage.

5. What maximum sales price for a home qualifies for a Down Payment Assistance Program?

Answer - Depends. There are many Mortgage Grants and Down Payment Assistance Programs that don't just serve lower income people. Each of these programs' qualifications vary and based on your income, geography and what price home can be purchased.

Want to learn more? Click the link below to sign up for our homebuyer workshop, An Affordable Path To Homeownership, to learn about the grants, loans, and assistance programs that can help YOU buy a home! Seats are limited!

https://www.eventbrite.com/e/an-affordable-path-to-homeownership-tickets-461350811697