What do you know about affordable housing in Texas?
07/06/2015 | Author: Editorial Staff
Is it hard to find affordable housing in your community? Sixty percent of Americans say housing affordability is a serious problem, according to the MacArthur Foundation’s How Housing Matters survey.
Part of the issue may be that homebuyers aren’t familiar with affordable-housing terms and homebuyer-assistance programs. The questions below can help prepare you to educate these homebuyers.
1. The U.S. Department of Housing and Urban Development (HUD) says that, in general, housing is considered affordable if it does not exceed ___% of a family’s annual income.
2. True or false? Texas homebuyers cannot combine benefits from multiple assistance programs.
3. Which of the following is considered a nontraditional credit source that can help determine whether a borrower has a sufficient credit history?
a. Rental payments
b. Utility payments
c. Cellphone payments
d. All of the above
4. True or false? Texas offers homebuyer-assistance programs for veterans, teachers, fire fighters, and police officers.
Get the answers
1. b. Some jurisdictions may define affordable housing based on other, locally determined criteria. Read this and other terms in HUD’s online glossary.
2. False. Many Texas State Affordable Housing Corporation (TSHAC) programs can be combined.
3. d. Learn more about nontraditional credit sources at hud.gov.
4. True. Click here to check out TSHAC’s Homes for Texas Heroes and Home Sweet Texas Home loan programs.
The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. You should contact your attorney to obtain advice with respect to any particular issue or problem. Applicability of the legal principles discussed in this material may differ substantially in individual situations.
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