Which California state agency administers affordable housing programs, including first-time homebuyer loans and down payment assistance, funded through tax-exempt bond financing?
Correct Answer
D) California Housing Finance Agency
The California Housing Finance Agency (CalHFA) is the state agency authorized to issue tax-exempt bonds to fund affordable mortgage programs, including first-time homebuyer loans and down payment assistance programs. It operates independently as a self-supporting state agency.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A fixed-rate mortgage has an interest rate that remains constant for the entire term of the loan, resulting in equal monthly principal and interest payments throughout the life of the mortgage.
Foreclosure is the legal process by which a lender takes possession of a property when a borrower fails to make mortgage payments. It allows the lender to sell the property to recover the outstanding debt.
The loan-to-value ratio (LTV) is the percentage of a property's appraised value or purchase price (whichever is lower) that is being financed through a mortgage. LTV = Loan Amount / Property Value.
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