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Unit 11: Texas Financing Programs
Terms in this set (15)
A rural homestead is defined as 100 acres, while an urban homestead is defined as 10 acres.
The answer is false. A rural homestead is defined as up to 200 acres for married couples and up to100 acres for a single person, plus improvements. An urban homestead is defined as up to 10 acres, regardless of marital status.
The income received from separate property remains separate income.
The answer is false. The income received from a separate property is community property unless there is a separate written and notarized agreement stating that one spouse releases all rights and interests to the separate property.
Foreclosure and Forfeiture
When a debt service payment is not received on time by the VLB, the loan is considered delinquent. If not repaid, the VLB will give a minimum of 30 days written notice to the defaulting borrower by certified mail. If cured within 30 days, no further action is taken.
Amy Young Barrier Removal (AYBR) Program
The AYBR program provides funds to eligible entities for accessibility modifications in rental and owner-occupied housing for persons with disabilities who earn up to 80% of the area median family income. It is offered through TDHCA's state-funded Housing Trust Fund.
Colonia Self-Help Centers (SHCs)
Self-Help Centers (SHCs) provide onsite technical assistance to low and very low-income individuals/families on housing, community development activities, infrastructure improvements, and outreach and education. Operation is carried out through a local nonprofit organization, local community action agency, or local housing authority that has demonstrated the ability to carry out the functions of a SHC.
Community Services Block Grant Program (CSBG)
The Community Services Block Grant Program (CSBG) provides administrative support to a network of local community action agencies (CAAs) that provide services to very low-income persons in all areas of the state. The funding helps provide such essential services as child care; health and human services for children, families, and the elderly; housing; and other poverty-related programs.
The Texas Bootstrap Loan Program is a self-help construction program that provides very low-income families an opportunity to help themselves in building or rehabilitating their home.
The answer is true. Participants of the Texas Bootstrap Loan Program are required to provide at least 65% of the labor necessary to build or rehabilitate their home. Nonprofit organizations can combine these funds with other sources; however, all combined loans cannot exceed $90,000 per unit.
The Texas Department of Savings and Mortgage Lending
The answer is enforces the Texas Mortgage Broker License Act. The Texas Mortgage Broker License Act permits the savings and mortgage lending commissioner to order a disciplinary action against a licensed mortgage broker or loan officer who commits certain violations of the act.
NSP- neighborhood stabislization program
provides funds to eligible entities for the acquisition and redevelopment of foreclosed, abandoned, or vacant housing to create affordable housing.
The Statewide Housing Assistance Payments Program (Section 8)
provides rental assistance subsidy vouchers to families earning less than 50% of the area's median family income.
When must the borrower of a VLB land loan move into the property?
60 days after closing
Which program provides funds to entities that offer rental assistance for persons with disabilities?
project access voucher
If a married couple purchase property in Texas, the property is said to be
undivided and equal
Beginning in 2009, mortgage lenders are required to
provide applicants with a disclosure of any compensation they will receive.
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