Under FHA guidelines, a Texas buyer must occupy the purchased property as a primary residence within how many days of closing?
Correct Answer
C) 60 days
FHA requires the borrower to occupy the property as a primary residence within 60 days of closing. This applies in Texas and all other states.
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TILA is a federal law that requires lenders to disclose the true cost of credit to borrowers, including the annual percentage rate (APR), total finance charges, and loan terms. It is implemented by Regulation Z.
A trustee sale is a type of foreclosure where a trustee, appointed under a deed of trust, sells the property at auction to satisfy the debt.
Usury is the practice of charging an interest rate that exceeds the maximum rate permitted by state law. Usury laws protect borrowers from excessive interest charges on loans.
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