WorksheetsTHDA 101 Post-Quiz
Total questions: 10
Worksheet time: 9mins
Great Choice Loans offer (select all that apply):
Fixed Interest Rate
30 Year Term
Down Payment Assistance
100% Financing
Living in a home you've owned in the past three years disqualifies you from being eligible for a Great Choice Loan UNLESS:
You pay an extra 1% at closing.
You live in one of 58 targeted counties.
You lost your last home in foreclosure.
You are not the only borrower on the loan.
The second loan offered as down payment assistance on a Great Choice Plus Loan features:
No monthly payments and no interest.
An adjustable interest rate.
An easy, yearly repayment plan.
An interest rate that remains low as long as you remain income-eligible.
True or False: Spouses of qualified service members, reservists, and veterans (including surviving spouses) can qualify for a Homeownership For the Brave loan.
True
False
To be part of the Great Choice Home Loan program, your total household income must be below the annual income limit. These limits vary by:
County and Length of Residence
Number of People in Household and Length of Employment
County and Number of People in Household
Number of Homes Owned and City
When a customer receives less than six hours of group education, including online education customers, they must:
Take post-purchase education as well.
Have at least one hour of individual housing counseling.
Pay a fee.
Have an asterisk beside their name on their certificate of completion.
State employees can take advantage of the STEP IN program to receive a discount on online homebuyer education of this much:
50%
25%
State employees can take the course online for free.
75%
These best practices help ensure that THDA partner agencies provide consistent and excellent service comparable to services offered throughout the country:
Uniform Homebuyer Education and Counseling Standards
National Industry Standards
Homebuyer Education Initiative
National Education and Counseling Guidelines for Excellence
Homebuyer A is buying a home and obtaining a THDA Great Choice Loan. Homebuyer B is not the primary earner, but will still be on the loan. They are taking the education course online. Homebuyer B:
Should not work with Homebuyer A on the online course.
Needs to take their own individual online course.
Should participate in the 1-hour counseling call with Homebuyer A.
Should go back to the lender and ask to be taken off the loan.
True or False: THDA maintains and issues all the certifications that trainers need in order to provide homebuyer education.
True
False
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