RE Financial Section 8 Exam
Questions & Answers (Grade A+)
Title II -
correct answer ✅covers loan insurance for many properties and
situations
Home Equity Conversion Mortgage -
correct answer ✅Insurance of a reverse mortgage for homeowners
age 62 and older who want to borrow against their home equity as
a lump sum or on a monthly basis
Good Neighbor Next Door -
correct answer ✅This program provides law enforcement officers,
K-12 teachers, firefighters, and EMTs a deal on purchasing
foreclosed FHA-insured properties in revitalization areas.
Homeownership Voucher Assistance -
correct answer ✅Allows participants to use Housing Choice
Voucher funds, which are normally used to pay rent, to help pay
monthly homeownership expenses.
HUD's Home Equity Conversion Mortgage (HECM) -
correct answer ✅reserve mortgage that makes borrowing equity
from one's home less expensive and safer for both the lender and
the homeowner
, RE Financial Section 8 Exam
Questions & Answers (Grade A+)
Jean is a high school English teacher. With the Good Neighbor Next
Door program, she's able to buy a foreclosed FHA-insured property
______, though she does have to agree to live on the property for
three years.
a. For $100
b. For a 10% discount off list price
c. For a 50% discount off list price and a down payment of only
$100
d. With an interest-only loan and no down payment -
correct answer ✅c
Title II Section 203(n) -
correct answer ✅a program specifically for the purchase of a unit
in a cooperative housing project
The Homeownership Voucher Assistance program is available to
______ to help pay monthly homeownership expenses. -
correct answer ✅First time homeowners
Questions & Answers (Grade A+)
Title II -
correct answer ✅covers loan insurance for many properties and
situations
Home Equity Conversion Mortgage -
correct answer ✅Insurance of a reverse mortgage for homeowners
age 62 and older who want to borrow against their home equity as
a lump sum or on a monthly basis
Good Neighbor Next Door -
correct answer ✅This program provides law enforcement officers,
K-12 teachers, firefighters, and EMTs a deal on purchasing
foreclosed FHA-insured properties in revitalization areas.
Homeownership Voucher Assistance -
correct answer ✅Allows participants to use Housing Choice
Voucher funds, which are normally used to pay rent, to help pay
monthly homeownership expenses.
HUD's Home Equity Conversion Mortgage (HECM) -
correct answer ✅reserve mortgage that makes borrowing equity
from one's home less expensive and safer for both the lender and
the homeowner
, RE Financial Section 8 Exam
Questions & Answers (Grade A+)
Jean is a high school English teacher. With the Good Neighbor Next
Door program, she's able to buy a foreclosed FHA-insured property
______, though she does have to agree to live on the property for
three years.
a. For $100
b. For a 10% discount off list price
c. For a 50% discount off list price and a down payment of only
$100
d. With an interest-only loan and no down payment -
correct answer ✅c
Title II Section 203(n) -
correct answer ✅a program specifically for the purchase of a unit
in a cooperative housing project
The Homeownership Voucher Assistance program is available to
______ to help pay monthly homeownership expenses. -
correct answer ✅First time homeowners
