Types of Credit Used
Student loan or credit cards only
FAKO scores
purchase score which are educational score
00:18
01:22
Fair
... [Show More] Credit Reporting Act FCRA
what is in file/dispute/remove 30 days/remove bad 7 yrs/bk 10 yrs/access limited/damages from violators/state rights
Fair and Accurate Credit Transactions Act FACTA
free cbrs/fraud alert/truncate cc #s
Fair Credit Billing Act (FCBA)
dispute bill error/mail 60 days/creditor 30 days acknowledge and 90 days research. billed timely manner/14 days before payment due
Tax Credits
Earned Income Tax Credit/EITC-low/moderate income ind/families. Net earnings from self employment-income/marital status/children. Educational credit-post seconday for ind/child. Child/Dependent Care Credit-work/look for work and paying a service. additional credits under 17yo.
predatory lending
loan flipping-refi existing loan for more fees and interest
Chap 13 bk
3-5 yr payment plan on all/part of debt, can stop foreclosure, cure delinquent mortgage payments, reschedule secured debts other than mortgage, lower payment, retain house/car
Blockbusting
convince/attempt person to sell/rent due to entry/neighborhood of race/color/religion/familia/origin/disability
Redlining
illegal practice to make residential loans due to race, neighborhood, origin, familia, sex, color
Closing costs & Discount Points
Closing 3-4% and Discount 1% of total loan amount
front end ratio / housing expense ratio
monthly housing exp/gross monthly income
00:02
01:22
Gross Monthly Income (GMI)
hourly-10/hrx35hrsx52 wks/12......wkly 750x52wksx12=.....biwkly-1000.x26/12=....semimnth-1200.x2=...selfemploy-average gross 70587./24=
back-end ratio
debt exp/gross debt to income ratio
Affordability
FE/Conv 28, FHA 31, FHAEE 33, Rent 30....BE/Conv 36(45-50), FHA 43, FHAEE 45, Rent 36
Max Mnthly House Pymt
FERxgmi BERxgmi-debts
2nd mort/piggy back loan
lower 1st mort, avoid private morg ins, repairs, education
mortg terms
interest only-pay only interest for a fixed term after borrower pays principal/interest, fixed rate-interest fixed 30 yrs or 10-15, Adjustable-interest adjust and has cap
Loan-to-Value Ratio
LTV%=loan bal/sales price/appraised x 100
down payment
conv-varies, FHA-580+96.5%LTV or 3.5% down, 500-579-90LTV or 10 down, VA/USDA-none
Mort Ins
Private Morg Ins-priv loans conv/subprime, Up Front-FHA, VA, USDA, Mort Ins Premium-FHA, VA, USDA
Civil Rights Act of 1866
all natural citizens except american indians
1896 Plessy v. Ferguson
ruled that segregation was allowed, as long as the facilities were "separate but equal"
1933 Home Owners Loan Corporation (HOLC)
Conress to avoid foreclosures during great depression/refinance mort in default
1948 Shelly v Kraemer
deed restrictions deemed illegal
1954 Brown v. Board of Education
This famous Supreme Court case over turned Plessy v. Ferguson. The Brown decision stated that separated but equalities were inherently unequal.
1962 Executive Order 11063
JFK prohibit discrimination in sale/lease/rent backed by federal funds
1964 Civil Rights Act
This act prohibited Discrimination because of race, color, sex, religion, or national origin by employers or labor unions
1968 Civil Rights Act
This was passed in response to MLK Jr's assassination. Called the Fair Housing Act. Prohibits discrimination in housing sales, rentals, advertising, and financing based on race, color, national origin, and religion. It also obligated federal agencies to affirmatively further fair housing.
1968 HUD
Established Ginnie Mae, to expand the availability of government-secured home loans to moderate-income families
1974 & 1988
1974/sex & 1988/disability & familia
2010 LGBT
HUD issued a new policy that provides lesbian, gay, bisexual, and transgender individuals and families with further assistance when facing housing discrimination. The new guidance treats "gender identity discrimination" as gender discrimination.
Extra protection for disabled
Covered multifamily dwellings available for occupancy after March 13, 1991, must be usable and accessible for persons with disabilities including design of: doors, accessible routes, environmental controls, grab bars, and usable kitchens. [Show Less]