ExamView - 7.2 Similar Polygons Quiz.tst

Locate your household size on the Income Limits chart. Is your Gross Household Income(including the gross annual income of all prospective co-signers and co-mortgagors) less thanthe maximum allowable income limit?Yes_____No_____IF NO, THEN YOU ARE NOT ELIGIBLE FOR THIS PROGRAM.B. LIQUID ASSETSIf you otherwise qualify and decide to purchase a home through this program, do you and allmembers of your Household, including all co-signers and co-mortgagors, expect to have atotal of $25,000 or more in liquid assets (savings and investments other than retirementaccounts) after closing escrow on the home?Yes_____No_____IF YES, THEN YOU ARE NOT ELIGIBLE FOR THIS PROGRAM.NOTE: You may not be sure of the value of your liquid assets. You will be required todescribe your liquid assets in detail as part of the Program application. It can then be determinedwhether the value of your liquid assets exceeds Program limitations.C. SUFFICIENT FUNDS AVAILABLETotal all personal funds you have available in the form of liquid assets (savings, checkingaccount funds, and time deposits which are not subject to penalty for early withdrawal).$______________________Downpayment RequirementsPurchase PriceRequired MinimumDownpayment of 5%MaximumDownpayment of 20%$139,100Glenwood 1BR $6,955 $27,820$167,985Glenwood 2BR $8,399 $33,597$121,400Vantis 1BR $6,070 $24,280$146,100Vantis 2BR $7,305 $29,220*PLEASE NOTE* With 5% down you will need about $20,000 for down payment and closingcosts. The down payment must be your own funds. Closing costs and pre-paid reserves CANbe gifted.DOCSOC/1326268v10/022594-00042