Which of the following best describes the programs offered by RIHousing (Rhode Island Housing)?
Correct Answer
B) It offers the FirstHomes program, down payment assistance, and affordable mortgage programs for eligible buyers
RIHousing is Rhode Island's housing finance agency. It provides affordable homeownership programs including the FirstHomes program for first-time buyers, down payment assistance (such as the 10K DPA forgivable loan), below-market mortgage rates, and energy-efficient home financing programs. It does not issue real estate licenses, conduct appraisals, or set market interest rates.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
Predatory lending refers to unfair, deceptive, or abusive lending practices that impose unjustified terms on borrowers, often targeting vulnerable populations. It includes practices like excessive fees, inflated appraisals, and unnecessary refinancing.
RESPA is a federal law that requires lenders to provide borrowers with information about settlement costs, prohibits kickbacks and referral fees, and limits escrow account deposits. It applies to federally related mortgage loans.
The secondary mortgage market is where existing mortgage loans are bought and sold between lenders, investors, and government-sponsored enterprises (GSEs) like Fannie Mae, Freddie Mac, and Ginnie Mae.
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