Homeowner Readiness Knowledge Check
Check if you know what you need to in order to become a responsible homeowner.
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Which of the following should NOT factor into determining how much house you can afford?
That's correct. Determine what you can afford based on your current financial picture, not what you think it might be in the future.
That's incorrect. The debt-to-income ratio is an important factor and should be no more than 30 - 40% of your monthly income.
That's incorrect. Maintenance expenses should be part of your housing budget.
That's incorrect. These should all be part of your housing budget.
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True or False: You can’t buy a home in the U.S. if you are not a U.S. citizen.
That's correct. If you're a permanent or non-permanent resident alien, you can purchase a home in the U.S.
That's incorrect. If you're a permanent or non-permanent resident alien, you can purchase a home in the U.S.
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Mortgage lenders recommend that your housing expense-to-income ratio is no more than:
That's correct.
That's incorrect. Mortgage lenders recommend that your monthly mortgage payment be less than 28% of your monthly gross income.
That's incorrect. Mortgage lenders recommend that your monthly mortgage payment be less than 28% of your monthly gross income.
That's incorrect. Mortgage lenders recommend that your monthly mortgage payment be less than 28% of your monthly gross income.
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