Housing

Question 1

Percent of income spent on housing

Answer 1

25%

Question 2

Cheapest apartment

Answer 2

Studio: 1 bed 1 bath

Question 3

High rise

Answer 3

Has at least 3 floors with elevator

Question 4

Walk up

Answer 4

1-3 stories with stairs

Question 5

Advantages of renting

Answer 5

1. Move easier 2. Low maintenance costs 3. Cheaper to get into

Question 6

Advantages of buying

Answer 6

1. Pride 2. Make improvements 3. Credit rating is better

Question 7

What is a lease

Answer 7

A contract for renting

Question 8

Who is the Lessee

Answer 8

The tenant

Question 9

Who is the lessor

Answer 9

The landlord

Question 10

Conventional mortgage down payment is

Answer 10

10-25%

Question 11

Approval time for conventional mortgage is

Answer 11

3 days to a week

Question 12

Amount you can borrow for VA mortgage

Answer 12

100%

Question 13

To get a VA mortgage you must be a

Answer 13

Veteran

Question 14

One story house details

Answer 14

Advantage: no stairs Disadvantage covers more land so it’s expensive

Question 15

Two story house details

Answer 15

Advantage: economical plumbing. Disadvantage stairs

Question 16

Split entry house details

Answer 16

Advantage: Bedrooms on quiet level. Disadvantage: stairs

Question 17

Duplex details

Answer 17

Advantage: less expensive. Disadvantage : noise