Great Choice Realtor Quiz

Which homebuyers would clearly qualify under an exception to the First-Time Homebuyer rule?

• A man who went through a divorce two years ago.

• Widow of a Vietnam War veteran.

• Someone who is buying in a census tract that qualifies for an USDA RD loan.

• A firefighter and her husband.

What is a federally targeted area?

• A census tract that qualifies for a USDA RD loan.

• A state where homebuyers have access to FHA loans.

• An area where you can ignore the first-time homebuyer rule.

• A zip code that qualifies a homebuyer for down payment assistance.

Which factor affects MRB Income Limits?

• Zip code

• Number of people in household

• Number of children

• Area code

Which is an eligibility criteria for the Great Choice program?

• Property Condition

• MRB Income

• County of Residence

• City of Residence

The Great Choice down payment assistance can be used for new construction financing.

• True

• False

Acquisition Cost Limits vary by:

• County

• Zip Code

• Household Size

• Loan Type

What is a single family residence?

• A single residence for one family.

• A 1-4 unit residence.

• An owner-occupied residence.

• A residence purchased by a first-time homebuyer.

Which would disqualify your client for a Great Choice loan?

• Intention to use the property for income production.

• Having a barn on the property.

• The property including 4 acres of land.

• Appraised value exceeding purchase price by exactly 19%.

What does owner-occupied mean?

• The borrower must be a resident of the property at least part of the time.

• The borrower or a family member must use the property as a primary residence.

• The borrower can rent out the property but must keep the mortgage in their name.

• The borrower must maintain their primary residence in the property.

What is the one exception to the owner-occupied rule?

• Military service-member who has been deployed.

• Political refugee who returns to native country.

• Divorce where the borrower's ex-partner gains ownership of the property.

• Marital strife where the borrower becomes separated from their partner.