A Montana first-time homebuyer asks what type of assistance Montana Housing is designed to provide. Which answer is most accurate?
Correct Answer
A) Affordable mortgage programs and down-payment assistance for eligible homebuyers
Montana Housing supports eligible homebuyers through affordable mortgage programs and down-payment assistance. It does not operate as a brokerage, deed-recording office, or county assessor.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
Discount points are upfront fees paid to a lender at closing to reduce (buy down) the interest rate on a mortgage loan. One point equals 1% of the loan amount and typically reduces the rate by approximately 0.25%.
An FHA loan is a mortgage insured by the Federal Housing Administration that allows lower down payments and credit scores than conventional loans. It is designed to help first-time homebuyers and borrowers with limited resources.
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.
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