HOMEBUYERS

PRE-SUBMISSION QUIZ

FUNDMYHOME.ORG

HOMEBUYERS PRE-SUBMISSION QUIZ

FOR EXISTING HOMES LISTED ON THE (MLS)

Complete your QUIZ and up-load it with your Supportive Documentation

This is an Optional Step for Clarity and Convenience


Your name ______________________________________________________________________________________________________________

Your telephone _________________________________________________________________________________________________________

Your email _______________________________________________________________________________________________________________

Your Customer ID # _____________________________________________________________________________________________________

At the time of Registration, you should have received a welcome email with your Customer ID Number and login Credentials, and the information about your enrolling sponsor.

Your enrolling sponsor's name _________________________________________________________________________________________

Your enrolling sponsor telephone ______________________________________________________________________________________

Your enrolling sponsor's email _________________________________________________________________________________________

Your enrolling sponsor ID # ____________________________________________________________________________________________


  

Chapter 1


1. ____________________ Your Equifax Credit Score _______________ TransUnion _______________ Experian
You may obtain your Credit Scores from Credit Karma free of charge.



2. ____________________ What is the County Loan limit where you plan to purchase your new home?

You can find this information on the County Loan Limit menu of our website.



3. _____________________ According to the Down Payment Assistance Calculator, How much is the Dollar amount of your Potential Eligibility?



4. _____________________ According to the Down Payment Assistance Calculator, what is your Debt to Income Ratio?


5. _____________________ According to the Down Payment Assistance calculator, is your Debt to Income Ratio within the acceptable range?
(a) YES
(b) NO


6. _____________________ According to the Down Payment Assistance Calculator, How much is the Dollar amount of your own anticipated out of pocket expense?


7. _____________________ Are you comfortable with your anticipated monthly payment shown by the Down Payment Assistance Calculator?
(a) YES
(b) NO


8. ____________________ Do you have the Dollar amount of your own required anticipated out of pocket expense deposited in your bank account for the last two months?
(a) YES
(b) NO


9. ____________________ Are you prepared to show your available funds to close deposited in your bank account for the last two months?
(a) YES
(b) NO


10. _____________________ What is the approximate purchase price of the home you are trying to purchase?


11. _____________________ Is FundMyHome currently servicing the state in which you wish to purchase your new home?
(a) YES
(b) NO


12. _____________________ I need my Enrolling Sponsor Associate Member to schedule my "Customer On-Boarding Call" with the 501(c)(3) Non-Profit Organization.
(a) True
(b) False

True. Your Customer On-Boarding call with the 501(c)(3) will be scheduled on our online calendar by your enrolling sponsor. Your enrolling sponsor can access the online scheduling calendar in his/her Back Office. Your Customer On-Boarding call will then be conducted by one of our counselors via telephone call and an online screen-share.


13. _____________________ Moving forward, after my Customer On-Boarding process has been completed and I have been introduced to my assigned preferred Lender and Realtor; I must have my enrolling sponsor with me at all times in order to contact / communicate, or stay in touch with my assigned Lender and/or Realtor.
(a) True
(b) False

False. FundMyHome.org is neither a Residential Real Estate Broker nor a Residential Lender, as such, regardless of whether your particular enrolling sponsor is licensed or not, all Associate Members are prohibited from communicating with our Lenders and Realtors on behalf of their Homebuyers. Therefore, due to licensing laws and privacy issues, and to ensure a smooth efficient process, all Homebuyers must communicate along and directly with their Lenders and Realtors without the enrolling sponsors' participation or involvement.

Our preferred Lenders and Realtors are there to assist you, and will pleasantly and diligently take good care of you and your transaction from beginning to end.


Chapter 2



1. ____________________ Typically, how long does the whole Buying Process take from beginning to end?

  (a) 30 days
  (b) 60 to 90 Days
  (c) 4 to 6 months
  (d) None of the above

The whole buying process typically takes 60 to 90 days from application to close.


2. ____________________ How many years must have passed after a Bankruptcy, Foreclosure, or Deed in Lieu of Foreclosure prior to application with FundMyHome.org?

  (a) Three Years
  (b) Seven Years
  (c) Ten Years
  (d) None of the above

No Bankruptcies, Foreclosures,  or Deeds in Lieu of Foreclosure allowed in the last 3 years. Note: two years may be acceptable when caused by an isolated, unavoidable and resolved loss of income.


3. ____________________ How many years must have passed after a Short-sale prior to application with FundMyHome.org?

  (a) Four Years
  (b) Seven Years
  (c) Ten Years
  (d) None of the above

No Short-sales are allowed in the last four years.


4. ____________________ Which type of properties / transactions are NOT allowed in this program?

  (a) Short-Sale Homes
  (b) Bank Owned Properties
  (c) For Sale by Owner (FSBO)
  (d) Transaction with Builders outside of FundMyHome.org's Network.
  (e) All of the above

Only Residential transaction on 5 acres or less which are listed for sale on the MLS, such as: Single Family Dwellings, Duplex, Triplex, Fourplex, Condos, Villas, Modular Homes, and Double-wide Manufactured Homes. No Short-Sales, No For Sale by Owner, No transactions with Builders outside of FundMyHome.org's Network.


5. ____________________ Credit Supplements are strongly recommended for Homebuyers with less than 680 Scores

  (a) True
  (b) False

True. It is strongly recommended that all Homebuyers with less than 680 Credit Scores enroll in the Credit Supplements program; The Higher the Credit Scores, the Higher the chances of approval, and the better terms and conditions of a mortgage loan from participating lenders.


6. ____________________ How much is the typical cost of the Student Loans Re-Structuring program?

  (a) $500.00
  (b) $600.00
  (c) $750.00
  (d) None of the above

The typical cost of the Student Loans Re-Structuring program is $750.00


7. ____________________ FundMyHome.org has temporarily waived the cost of its Student Loans Re-Structuring program.

  (a) True
  (b) False

True. Until further notice, and in order to help more homebuyers, FundMyHome.org has temporarily waived the cost of its Student Loans Re-Structuring program.


8. ____________________ FundMyHome.org is a government sponsored program, as such, it is obligated to help me re-structure my Student Loans.

  (a) True
  (b) False

False. FundMyHome.org is not sponsored by government agencies. As a private company, it is not obligated to assist me in re-structuring my Student Loans, and for that matter is not obligated to waive the cost of its Student Loans Re-Structuring program.


9. ____________________ How much is the Refundable Retainer Fee required from Homebuyers wanting Credit Supplements or Student Loans Re-Structuring?

  (a) $300.00
  (b) $495.00
  (c) $750.00
  (d) None of the above

The Refundable Retainer Fee payable to FundMyHome.org by applicants wishing to enroll in the Credit Supplements program and/or the Student Loans Re-Structuring program is $495.00


10. ____________________ FundMyHome.org has temporarily waived the Refundable Retainer Fee

  (a) True
  (b) False

True. Until further notice, in order to assist more applicants, FundMyHome.org has temporarily waived the $495.00 Refundable Retainer Fee required from applicants wishing to enroll in the Credit Supplements program and/or the Student Loans Re-Structuring program.


11. ____________________ The Refundable Retainer Fee is payable to FundMyHome.org by Homebuyers and it is separate from the cost of Credit Supplements and the Student Loans Re-Structuring program

  (a) True
  (b) False

True. The Refundable Retainer Fee is paid by Homebuyers to FundMyHome.org and it is separate from the cost of Credit Supplements and the Student Loans Re-Structuring program.


12. ____________________ The cost of Credit Supplements is paid by Homebuyers directly to Service providers. FundMyHome.og does not receive or handle these payments

  (a) True
  (b) False

True. The cost of Credit Supplements is paid by Homebuyers directly to Service providers. FundMyHome.org does not receive or handle these payments.


Chapter 3


1. ____________________ What is FMH's Maximum Debt to Income Ratio for VA and USDA loans for existing homes listed for sale on the MLS
 (a) 36%
 (b) 45%
 (c) 51%
 (d) 56%
 (e) None of the above


FMH's maximum Debt to Income Ratio for VA and USDA loans for homes listed for sale in the MLS is 45%


2. ____________________ What is FMH's minimum Credit Score required for VA and USDA loans for existing Homes listed for Sale on the MLS?

 (a) 580
 (b) 620
 (c) 640
 (d) 680
 (e) Non of the above

FMH's minimum Credit Score required for VA and USDA for homes listed for sale in the MLS is 640

3. ____________________ What is FMH's maximum Debt to Income for FHA loans?
 (a) 36%
 (b) 45%
 (c) 51%
 (d) 56%
 (e) Non-of the above

FMH's maximum Debt to Income Ratio for FHA loans is 56%

4. ____________________ What is FMH's typical minimum Credit Score required for FHA loans?
 (a) 580
 (b) 620
 (c) 640
 (d) 680
 (e) None of the above

FMH's typical minimum Credit Score required for FHA loans is 580. Currently, Due to the Corona Virus situation, most bank have increased it to a minimum of 680. Some conditions may apply.

5. ____________________ Do U.S Veterans applying for a VA loans need to show their VA Certificate of Eligibility?
 (a) True
 (b) False

True. U.S Veterans and widows of U.S Veterans are eligible to receive 100% financing from the United States Department of Veteran Affairs VA, provided that they show their VA Certificate of Eligibility.


Chapter 4


1. ____________________ FundMyHome.org strongly recommends Homebuyers to contact their own Realtors and see properties before getting pre-qualified by FundMyHome.org
 (a) True
 (b) False

False. Please follow the proper sequence of the Home buying process. You must first get pre-qualified by FundMyHome.org, then FundMyHome.org assigns you to one of it's Preferred Realtors.


2. ____________________ FMH's approved U.S Veterans and applicants approved by the USDA may close with FMH with ZERO out of Pocket
 (a) True
 (b) False

True. All Mortgage Approved United States Veterans holding VA Certificates of eligibility, and Homebuyers Approved for a USDA Mortgage, buying a Home inside of a USDA Designated Area can always close with FundMyhome.org with $0.00 out of Pocket. What this means is that applicants who FundMyHome.org is able to help to close with ZERO Out of Pocket may recover their initial out of pocket expense (Credit Report, Appraisal Report, Home Inspection Report, and Earnest Deposit).



3. ____________________ You must use the services of FundMyHome.org's preferred lenders and realtors to receive Down Payment Assistance from FundMyHome.org
 (a) True
 (b) False

True. One of the conditions in which you receive our Down Payment Assistance is that you must use the services of our preferred lenders and Realtors.


4. ____________________ You must use the services of FundMyHome.org's preferred lenders and realtors to receive Down Payment Assistance from FundMyHome.org
 (a) Owner Occupied Primary Residence
 (b) Owner Occupied Second Home / Vacation
 (c) Investment / Rental Property
 (d) A and B
 (e) All of the above

The allowed Occupancy Status for FundMyHome.org is Owner Occupied Primary Residence, and Owner-Occupied Second Home/ Vacation.


5. ____________________ Lenders' underwriting guidelines can be very demamding and inflexible

 (a) True
 (b) False

True. Lenders's underwriting guidelines can be very demanding and inflexibles

We at FundMyHome.org do not make banking rules, the banks do; However, we do recognize and understand that the purchase of your new home is a very important transaction for you and your family, and understand that the details of your interactions with your lender and your lender's underwriting requirements may become a bit demanding and may cause you occasional emotional stress; because of it, we pledge to guide you through the processes as best as we know how to.

We encourage you to remain patient and flexible during the entire home buying process. You'll be glad you did; It will all pass in 30 to 60 days :)


Chapter 5


1. ____________________ FundMyHome.org is a government backed program
 (a) Tue
 (b) False

False. FundMyHome.org is NOT a government backed program, and is NOT funded by any government agency. FundMyHome.org is a private Company working in collaboration with Real Estate Mortgage Grants and Down Payment Assistance, Inc., a 501(c)(3) Non-Profit Organization. Nevertheless, FundMyHome.org requires of its Preferred Lender that they work with Government Back Agencies to provide its Homebuyers with Government Backed Loans, such as Conventional, FHA, VA and USDA.


2. ____________________ FundMyHome.org is obligated to provide me with Down Payment Assistance money

 (a) True
 (b) False

False. FundMyHome.org is NOT obligated to grant anyone Down Payment Assistance money. FundMyHome.org is a private company and it can deny assistance to anyone at its sole discretion. The Down Payment Assistance is a privilege (not a right). FundMyHome.org reserves the right of Admission.


3. ____________________ It is my right to receive Down Payment Assistance fromFundMyHome.org

 (a) True
 (b) False

False. As much as it is our privilege to assist you in achieving your home-ownership goals, It is also your privilege to receive Down Payment Assistance from FundMyHome.org.


4. ____________________ FundMyHome.org requires a $399.00 Application Fee.

 (a) True
 (b) False

False. FundMyHome.org does NOT charge Application Fees or Broker Fees.


5. ____________________ Both, my Enrolling Sponsor (Associate Member) and my 501(c)(3) Counselor are expected to be experts in all matters revolving Banking and Real Estate and are expected to know all matters pertaining to the business model, operation and State of Affairs of FundMyHome.org. They are also required to explain Mortgage Interest Rates, terms and conditions and are expected to know and Guarantee the exact Dollar amount of the grant that may or may not be allocated by FundMyHome.org for my personal transaction.

 (a) True
 (b) False

False. My Enrolling Sponsor (Associate Member) and my 501(c)(3) Counselor are not require to have knowledge of, nor are permitted to explain or discuss any the above mentioned topics of discussion.

It is I, the home buyer who must use the available tools and information to discover for my self the Dollar Amount of my Potential eligibility, then my enrolling sponsor confirms my potential eligibility and on-boards me with one of the 501(c)(3) Counselors who then reconfirms my potential eligibility and completes my on-boarding process.

Matters pertaining to Banking and Real Estate will be discussed at a later time with participating lenders and Real Estate Agents.

Following the letter of the law and the rules of the company, Associate Members and Counselors do not infringe in matters where they are not licensed in, or are unauthorized by FundMyHome.org to partake in.


6. ____________________ FundMyHome.org is honored to be a part of your homeownership experience. Its staff, preferred Lenders and Realtors are always grateful for your patience, for your collaboration and appreciation

 (a) True
 (b) False

True. The staff at FundMyHome.org and its preferred Lenders and Realtors are honored to work diligently for you to ensure that your home-ownership dreams become a reality. While your patience, collaboration and gratitude during the entire process is greatly appreciated, it is the joy we get in helping you achieve your goals what drives our company forward.

So please let us know when we're doing an outstanding job. Our goal is to make your buying experience as pleasant as the years that you will spend living in your new home.


7. ____________________ For Quality Control and Training, FundMyHome.org records all calls and video conferences.

 (a) True
 (b) False

True. FundMyHome.org records all calls and video conferences.


8. ____________________ One of the conditions in which I receive Down Payment Assistance from FundMyHome.org is that I help FundMyHome.org publicize my Grant event on Social Media.

Therefore, at its sole discretion, FundMyHome.org routinely posts on YouTube or other Social Media selected success stories pertaining to its home-buyers' home-ownership experience with FundMyHome.org. FundMyHome.org may or may not post my home-ownership experience with FundMyHome.org on YouTube or other Social Media.

 (a) True
 (b) False

True. One of the conditions in which I receive Down Payment Assistance from FundMyHome.org is that I help FundMyHome.org publicize my Grant event on Social Media.

Therefore, at its sole discretion, FundMyHome.org routinely posts on YouTube or other Social Media selected success stories pertaining to its homebuyers' home-ownership experience with FundMyHome.org. FundMyHome.org may or may not post my home-ownership experience with FundMyHome.org on YouTube or other Social Media.


9. ____________________ FundMyHome.org DOES NOT accept walk-ins. My entire home buying experience with FundMyHome.org can and will be conducted online and via telephone calls and video conferencing. I can contact FundMyHome.org's Home-Office and its Staff by telephone at (888) 386-3694 or email at Support@FundMyHome.org

 (a) True
 (b) False

True. FundMyHome.org DOES NOT accept walk-ins. My entire home buying experience with FundMyHome.org can and will be conducted online and via telephone calls and video conferencing. I can contact FundMyHome.org's Home-Office and its Staff by telephone at (888) 386-3694 or email at Support@FundMyHome.org.


10. ____________________ FundMyHome.org uses a Voice Over IP Phone System to perform its Outbound Calls. From time to time, I will be contacted by FundMyHome.org from a phone line displaying (617) 675-4444 on my caller ID

 (a) True
 (b) False

True. FundMyHome.org uses a Voice Over IP Phone System to perform its Outbound Calls. From time to time, I will be contacted by FundMyHome.org from a phone line displaying (617) 675-4444 on my caller ID.


11. ____________________ FundMyHome.org and its telephone numbers are not registered with the Better Business Bureau (BBB)

 (a) True
 (b) False

True. FundMyHome.org and its telephone numbers are not registered with the Better Business Bureau (BBB). FundMyHome.org respects and values the services of the BBB. Nevertheless, it is the opinion of FundMyHome.org, that FundMyHome.org does not need the endorsement of the BBB, nor needs a membership with the BBB.


12. ____________________ I want more detailed information from FundMyHome.org about the expected interest rate and the terms and conditions pertaining to my potential eligibility before I apply for Down Payment Assistance, or before I pay the lender $39.00 to order a hard pull of my Credit Report which may count as a credit inquiry against my Credit Score. FundMyHome.org is supposed to discuss the interest rate and the terms and conditions of my loan with me before the lender pulls my Credit Report.

 (a) True
 (b) False

False. Preliminary terms and Conditions are provided by lenders AFTER lenders are in receipt of complete loan applications AND AFTER pre-approvals are obtained on my behalf from the respective Fannie Mae / Freddie Mac inter-phases.


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