Housing Flashcards
1
Q
Percent of income spent on housing
A
25%
2
Q
Cheapest apartment
A
Studio: 1 bed 1 bath
3
Q
High rise
A
Has at least 3 floors with elevator
4
Q
Walk up
A
1-3 stories with stairs
5
Q
Advantages of renting
A
- Move easier 2. Low maintenance costs 3. Cheaper to get into
6
Q
Advantages of buying
A
- Pride 2. Make improvements 3. Credit rating is better
7
Q
What is a lease
A
A contract for renting
8
Q
Who is the Lessee
A
The tenant
9
Q
Who is the lessor
A
The landlord
10
Q
Conventional mortgage down payment is
A
10-25%
11
Q
Approval time for conventional mortgage is
A
3 days to a week
12
Q
Amount you can borrow for VA mortgage
A
100%
13
Q
To get a VA mortgage you must be a
A
Veteran
14
Q
One story house details
A
Advantage: no stairs Disadvantage covers more land so it’s expensive
15
Q
Two story house details
A
Advantage: economical plumbing. Disadvantage stairs
