Heather, a single mother, is able to get down payment assistance as well as a below market rate of interest on her mortgage. What type of mortgage did she receive?
Correct Answer
D) California Housing Financing Agency (CalHFA).
FHA-insured loans offer below-market interest rates, low down payment requirements, and permit down payment assistance from approved sources, making them ideal for qualifying borrowers like single mothers.
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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.
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