Mortgage Scenarios

Aidan – having recently completed his military service – is eager to settle down in his adopted hometown of Fayetteville, NC.  He has neither a large down payment, nor a lot of extra monthly income.  What type of mortgage loan is best? ​ ​ ​ (a)   ​

• VA Mortgage
• Jumbo Mortgage
• USDA Mortgage
• FHA Mortgage
• Conventional Mortgage

Kyra, having made quite a bit of money after graduating from college, wants to settle down and enjoy the good life.  She has a great credit score and a down payment, but the house she has her eye on is over a  million.  Suggestions?​ (a)   ​ ​ ​ ​

• USDA Mortgage
• FHA Mortgage
• Conventional Mortgage
• Jumbo Mortgage
• VA Mortgage

Jada has a good credit score, but she finds it difficult to budget for bills when the amount due varies.  She and her lender need to decide between an adjustable rate mortgage and a fixed rate.  Which would likely help her the most?​ ​ ​ ​ ​ ​ (a)  

• USDA Mortgage
• FHA Mortgage
• Conventional Mortgage
• VA Mortgage
• Jumbo Mortgage
• ARM
• Fixed Rate Mortgage

​ ​ ​ ​ Kate loves farm life.  After graduating from NCSU, she moved to rural, eastern NC.  She makes decent money but does not have a great deal of extra income on hand each month.  She wants to buy a new home, what might work best? ​ ​ ​ (a)  

• FHA Mortgage
• Conventional Mortgage
• VA Mortgage
• Jumbo Mortgage
• ARM
• USDA Mortgage

Although he has made some financial mistakes in the past, Ryan’s current credit score is hovering around 750.  He has a decent down payment – around 5%.  Given his situation, what type of loan might suit him best?​ (a)   ​ ​ ​ ​ ​

• VA Mortgage
• Jumbo Mortgage
• USDA Mortgage
• Conventional Mortgage
• ARM

​ ​Employed by the FBI, Morgan is constantly on the move and must be able to sell her home quickly.  She has a solid credit score and no major debts.  Which would likely fit her best: a thirty-year fixed or fifteen-year ARM? ​ (a)  

• fifteen-year ARM
• thirty-year fixed rate

Sara loves being a crossing guard.  She hopes to do so for decades to come.  She wants to buy a small home near the school she serves.  She does not plan to move in the near future.  She has a solid credit score and little debt. Suggestions? ​ ​ ​ (a)   ​

• USDA Mortgage
• Jumbo Mortgage
• VA Mortgage
• Thirty-Year ARM
• Fifteen-Year Fixed Rate Mortgage
• FHA Mortgage

Ria is finally retiring.  She has been a successful pharmacist for years and is ready to settle down.  However, she wants some extra money so she can travel and climb Mt. Everest a few more times. ​ ​ ​ (a)   ​

• USDA Mortgage
• Jumbo Mortgage
• VA Mortgage
• FHA Mortgage
• Thirty-year Fixed Rate Mortgage
• Fifteen-Year ARM

​ Kelcey opened a shelter to help homeless people in her community.  She does not make much money and has a fairly low credit score because she lets other people use her cards.  She does have a small down payment. ​ ​ ​ ​ (a)  

• USDA Mortgage
• Jumbo Mortgage
• VA Mortgage
• FHA Mortgage
• Fifteen-Year ARM
• Thirty-year Fixed Rate Mortgage

Caroline needs a house.  She wants space for horses, but that requires that she have a home on a lot with space to spare.  She’s found the lot, but not the house. She has saved a down payment and has a steady income.  Suggestions? ​ ​ ​ (a)  

• USDA Mortgage
• Jumbo Mortgage
• VA Mortgage
• Fifteen-Year ARM
• Thirty-year Fixed Rate Mortgage
• FHA Mortgage
• Construction Loan