LYDIA AMOAH (701384086665)
18490
Contact Information
Reservation Number
701384086665
Last Name
AMOAH
First Name
LYDIA
Email Address
lydnigift@yahoo.com
Current Address
5248 TAMARACK CIRCLE EAST APTD
Estimated Closing Date
04/28/2017
Contact Telephone Number
6144629258
Best Time to Reach You
12 PM - 2 PM
County
Franklin
Counseling agency
Education Test
CREDIT SCORES - The following section is related to credit scores and how they affect your potential to purchase a home. Higher credit scores also allow you to obtain future credit at lower interest rates, so it's important to understand your credit score.
Which of the following is the best choice to improve your credit score?
Apply for additional credit cards
Find a credit repair company to fix your credit
Pay your bills on time and pay down the balances on existing debt
Buy a car and pay on time
Close existing credit cards
Which question(s) would you ask yourself to determine if you believe you are ready to buy a home and have a good credit score?
Do I have a steady income and stable employment?
Is it likely my employment will last for more than 3 years?
Do I have an established credit record to qualify for a loan?
Have I consulted a mortgage specialist and HUD-approved housing counseling agency prior to selecting a potential home to purchase?
Do I understand the true cost of homeownership, such as taxes, insurance, maintenance, etc.?
All of the above
Which of the following is NOT a factor in determining your FICO credit score?
Payment history on credit cards and car loans
The amount of money in your savings account
Rental history, if your landlord reported your payment history to the credit bureaus
Outstanding balances owed on consumer debt
Payment history on student loans
I have used payday lender loans in the past and have always paid them on time. All of my prior loans are paid off and have zero balances, so why is my FICO score low?
Payday loans don't report to the credit bureau
Only bank or car loans report to the credit bureaus
Even if you use payday lender loans and make every payment on time, your credit score could have a negative effect the same way as if you missed a payment
Payday lenders do not count on you FICO score
There is an error on my credit report because it should be higher
Why would accessing credit from payday lenders have a negative impact on your credit score? Please explain your answer below.
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Do you have any other credit related questions for your housing counselor? If so, please type the question(s) below.
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MORTGAGE PROCESS - The following section relates to mortgage applications and the steps necessary to obtain approval for a mortgage. In addition to this streamlined version, many HUD-approved housing counseling agencies have beneficial classes for first-time homebuyers that explain the entire application process from start to finish, in addition to how-to clinics on simple home repairs.
I have selected my lender, but I'm not quite sure what to expect during the application process. How often should I check in with my mortgage professional?
Call every day
Send daily emails requesting updates
Call three times per day
Call once per week and/or send a weekly email
Call once per month
What documents do I need to complete the mortgage application?
Paycheck stubs
2 years of tax returns
Checking and Savings account statements for a three month period - all pages (even the blank pages).
Documents for any other type of income I receive regularly
Any document(s) requested by my mortgage professional
Social security cards
All of the above
What does DTI mean?
Debt-to-Initial Ratio
Debt-to-Income Ratio
Decrease-to-Income Ratio
Debt-to-Increase Ratio
What is the difference between net income and gross income on my paycheck?
The net income is the pre-tax amount; the gross income is the post-tax amount
The net income is the post-tax amount; the gross income is the pre-tax amount
The net income is my take home pay; the gross income is my overtime pay
The net income is my overtime pay; the gross income is without overtime
My mortgage application was approved by my lender. Now what?
Contact your mortgage professional to clearly understand the timelines and rate locks on your loan
Wait 60 days
Buy a new car
Wait 15 days and then select a home to purchase
Go on vacation and charge up your credit cards
What is a HUD-1 Settlement statement?
It's one of the application documents that lists your employment history
It has only the charges to the seller
It has only the charges to the buyer
It contains all of the charges and credits to both the buyer and the seller for the transaction
This will only be used if I purchase a HUD home.
What does PITI mean?
Principal, Insurance, Take-home pay, & Interest
Payments, Interest, Taxes, & Insurance
Principal, Interest, Taxes, & Insurance
Principal, Insurance, Take-home pay, & Interest
When should I receive the HUD-1 Settlement statement?
At the closing table
2 weeks before closing
The day prior to closing
The day after closing
3 days prior to closing
I don't understand the HUD-1 Settlement statement. What should I do?
Sign the document at closing and don't ask questions
Worry about it, but sign it anyway
Ask the seller
Ask the title company
Ask your mortgage professional and consult your HUD-approved housing counselor so you can discuss the document together
If you have any other mortgage application or mortgage process questions, please type the question(s) below.
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SAVINGS AND EMERGENCY FUNDS - The following section addresses the need for savings and emergency funds. Your housing counselor can discuss this section at length with you to help develop a detailed budget and spending plan. Homeownership costs more than the monthly payments, so you need to plan for emergencies and maintenance costs for your new home.
Are emergency funds and savings funds the same thing?
Yes
No
Maybe
If I have an emergency fund, how many months of monthly payments or monthly obligations should I include in the emergency fund?
3 months
1 month
6 months
12 months
9 months
What if I don't have an emergency fund?
Panic and lose sleep
Plan for an emergency fund in the future, but do nothing now
Start saving now and earmark that money for the emergency fund
Wait until you have made 12 monthly mortgage payments on your new house and then start saving
You never have emergencies, so you do nothing
I have my emergency fund, so how much should I save from each paycheck to start my savings account?
50%
15%
2.5%
20%
At least 10%, but more if possible
On average, how much should I budget per year for regular home maintenance and repairs?
$500.00
$3,000
$6,000
$1,500
$2,500
If you have any questions regarding emergency funds, savings, or home maintenance costs, please type the question(s) below.
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FORECLOSURE - While no one plans to default on their mortgage obligations, life happens. Sudden illness, job loss, or divorce all impact the borrower's ability to pay. There are many foreclosure 'scams', so don't fall victim to a quick-fix foreclosure scheme.
You have unexpectedly lost your job. You are positive you will not have enough money to pay next month's mortgage payment. What should you do?
Move out of the property as fast as possible.
Apply for additional credit cards.
Send in a partial payment
Contact the lender to work out a foreclosure prevention plan and contact a HUD-approved housing counseling agency.
Pay a company you saw on TV to stop the foreclosure and negotiate with your mortgage servicer.
What would be the best step to take if you contact your mortgage company for help to prevent foreclosure and they are unable to work with you for a solution?
Refinance your current loan to consolidate your debts
Stop answering your phone and opening the mail from your mortgage servicer.
Contact a HUD-Approved Counseling Agency in your area (no fees).
Take out a large cash advance on your credit card to pay your mortgage.
Borrow money from friends and relatives.
You cannot pay your mortgage and you fall more than 3 months behind. You receive a certified letter with the work "Complaint" near the top from the county courthouse. What should you do next?
Start packing and move as quickly as possible
Do nothing - it's just too overwhelming
Contact your HUD-approved housing counseling agency, file for mediation (if available in your county), seek legal counsel, and answer the Complaint within 28 days.
MAINTENANCE - The regular maintenance on your new home is an added expense above the monthly mortgage obligation. Your ability to adequately maintain and repair your home will increase the quality of your living conditions, as well as protect your investment in the home.
After a mild thunderstorm, you notice a small water mark on the ceiling. What should you do?
You stare at it for a week and, because nothing more happens, you do nothing
Call a professional to check the condition of the roof
Climb onto the roof and check for holes
Should you attend the home inspection?
No, that's what I'm paying the home inspector to do - I don't need to be there
No, my Realtor is going so I don't need to go, too
Yes, I want to understand the mechanics in my particular home and get maintenance tips from the professional home inspector
Yes, but I'm not staying the whole time. After I find the water shut-off valve, I'm leaving
My home came with a home warranty. Should I renew it next year?
No, nothing broke this year, so I'm good
Yes, because I always buy insurance on everything
It depends. A home warranty is a good idea and protects me from many mechanical repairs, but I need to check the warranty carefully to make sure this is the best policy for my situation. If it is, then I'll renew. If not, I'll shop around and purchase another policy that better suits my needs.
No, I never buy any insurance unless it's required
In order to improve our service and programs, please answer two brief questions below:
How did you hear about us?
Social media
From your Lender
From your Realtor
From a Friend, Colleague or Family Member
TV
Radio
Other
Why did you choose OHFA?
Best Interest Rate
Down Payment Assistance
Mortgage Credit Certificate
Other
If there are any additional questions you have, please type the questions below so your housing counselor can discuss them during the telephone session.
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CONGRATULATIONS! You have completed the Test section of the module and are ready to enter the Budget section next.
Monthly Budget
Incomes
Base Salary
Bonuses
Commissions
Spouse Income
Other Income (child support/alimony received)
Total Incomes
Expenses
Mortgage Payment (including taxes and insurance)
Conduminium or Homeower Association Fees
Student Loan Payments
Are you on a utilities budget payment plan
Yes
No
Child Support
Utilities - Electric
Utilities - Gas
Utilities - Water
Utilities - Other
Bundle Plan (cable, phone, internet)
Telephone - Land Line
Telephone - Cell Phone
Food - Groceries
Food - Dining Out/Delivery
Auto - 1) Model and Year
Auto - 2) Model and Year
Auto - Payment
Auto - Insurance
Auto - Gas and Maintenance
Auto - Parking or Public Transportation
Health Care - Medical Insurance or Bills not deducted from payroll
Health Care - Other Expenses
Daycare and/or Private School Tuition
Personal Care - Wardrobe (Clothing, Dry Cleaning, Laundry)
Personal Care - Grooming (Salon Services, Cosmetics, Toiletries)
Entertainment - (Cable, Movie Rentals, Events, Hobbies)
Credit Cards
Pet Expenses (Food, Veterinarian)
Donations
Savings or Retirement Contributions
Continuing Education/College Tuition and Books
Children's Activities
Other Expenses
Total Expenses
Income Less Expenses
