Which of the following best describes the primary function of the Delaware State Housing Authority (DSHA)?
Correct Answer
B) Provides below-market mortgages and down payment assistance to eligible homebuyers
The Delaware State Housing Authority (DSHA) is a state agency that provides affordable homeownership opportunities by offering below-market mortgage rates, down payment assistance, and other housing programs to eligible low- and moderate-income Delaware residents. It does not license real estate professionals, conduct appraisals, or set market interest rates.
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A conventional loan is a mortgage that is not insured or guaranteed by a government agency such as the FHA, VA, or USDA. It is originated and funded by private lenders and may be conforming or non-conforming.
The debt-to-income ratio (DTI) compares a borrower's monthly debt obligations to their gross monthly income. It is used by lenders to determine how much mortgage a borrower can afford.
In the context of foreclosure, a deed transfers ownership of the foreclosed property to the new owner, typically the buyer at a foreclosure sale.
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