AGAP Checking for Understanding Quiz CompanyThis field is for validation purposes and should be left unchanged.Name(Required) First Last Email(Required) Phone(Required)1. The AGAP 2nd mortgage can provide up to 25% of the purchase price (up to a maximum of $80,000) to help you purchase a home.(Required) False, I can get up to $80,000 regardless of the purchase price True, I can increase my buying power up to 25% of the purchase price 2. Which of the following is one of the key qualifying factors for the AGAP 2nd mortgage?(Required) Your household income must be between 80% -120% of area median income Your household income must be less than 80% of area median income Your household income must be moderate Your household income must be considered high income 3. Is the AGAP 2nd mortgage a loan or a grant?(Required) A grant A loan I’m not sure 4. The “affordability gap” is the price difference between what a middle-income household can reasonably borrow and the actual purchase price of a quality home.(Required) False, the affordability gap is the not the price difference True, the affordability gap is the price difference 5. Which statement is false about the AGAP 2nd mortgage offered by your lender:(Required) The loans close at different times, and your lender will coordinate the process. Your lender will help you apply for a traditional first mortgage and the AGAP second mortgage. It works alongside your traditional first mortgage to increase your buying power. 6. What counties is the AGAP 2nd mortgage designed to support?(Required) Wayne County and Macomb County Macomb County and Wayne County Oakland County and Wayne County Macomb County and Oakland County 7. What type of support does your housing counselor provide before you close on the home?(Required) Ask you to attend the HUD approved homebuyer class Checking to make sure I understand my AGAP training Explaining documents from my realtor and lender to help me determine my budget All of the Above 8. How does your counselor support you after you close on your new home?(Required) Check in with me to make sure I am doing well during the first two years Check in with me one year before payment changes happen in my AGAP 2nd mortgage Help me determine if I am ready to refinance my mortgage All of the Above 9. How often should you expect to hear from your counselor during the first year after closing?(Required) On the anniversary of my closing Every other month I won’t hear from them after closing None of the above 10. Will I continue to hear from my counselor after the first year of my AGAP 2nd mortgage to see if I am well and if I am ready to refinance?(Required) Yes, I will hear from my counselor quarterly in the second year, then one year before any changes happen No, after the first year, I will not hear from my counselor again Yes, I will hear from my counselor quarterly from the 2nd year until I refinance my AGAP 2nd mortgage 11. True or False, I have to wait for my counselor to reach out to help me determine if I am ready to refinance.(Required) False, I can reach out to my counselor at any time True, I have to wait until the next scheduled check-in 12. I can reach out to my counselor for help if I am having trouble paying:(Required) My 1st mortgage Both my 1st mortgage and my AGAP 2nd mortgage Only my AGAP 2nd mortgage 13. What types of homes qualify for this program?(Required) New construction Fully Renovated Partially Renovated Only “New construction” and “Fully Renovated” All of the above 14. What documents help ensure the property meets program requirements?(Required) An acceptable appraisal A home inspection A purchase agreement Only “An acceptable appraisal” and “A home inspection” All of the above 15. What is the AGAP 2nd mortgage interest rate during the first 5 years?(Required) Zero Percent 2 percent below the interest rate of the first mortgage The interest rate matches the interest rate of the first mortgage None of the above 16. What is the AGAP 2nd mortgage rate during years 6-10?(Required) Zero Percent 2 percent below the interest rate of the first mortgage The interest rate matches the interest rate of the first mortgage None of the above 17. After year 10, what is the AGAP 2nd mortgage interest rate?(Required) Zero Percent 2 percent below the interest rate of the first mortgage The interest rate matches the interest rate of the first mortgage None of the above 18. AGAP is a 30-year loan designed to make the early years of homeownership easier by using a payment structure that gradually increases over time.(Required) False, the payments stay the same over time True, the payments increase over time 19. What are the required payments during your AGAP 2nd mortgage for the first five years?(Required) There are no payments There are full monthly payments There are interest-only payments 20. What happens to your payments in year 6 through 10 of the AGAP 2nd mortgage?(Required) There are full monthly payments There are no payments There are interest‑only payments 21. What happens to your AGAP 2nd mortgage in year 11 of the 30-year term?(Required) The interest-only payments continue until I refinance or pay the loan in full Full payments start based on the last 20 years of my term Neither is correct 22. What type of funds can be used to help meet your 1% required contribution?(Required) Personal savings Gift funds Down payment assistance programs All of the above 23. What happens to your AGAP 2nd mortgage if you sell the home?(Required) The principal is forgiven, including any interest owed The principal has to be repaid including any interest owed 24. Which of the following is a reason you may trigger full repayment of your AGAP 2nd mortgage?(Required) Selling the home Renting the home to someone else Refinancing the home and taking cash out Stop making payments on my 1st mortgage All of the above 25. If you are having issues paying the 1st mortgage or the AGAP 2nd mortgage, who should you contact first?(Required) Oakland Housing, Inc. My Lender My Housing Counselor
