City of Moorpark

First Time Home Buyer Pre-qualification Quiz

This quiz will help determine if you and your household may qualify for the City's First Time Home Buyer Program. In order to pre-qualify for the Program, you will need to answer 80% of the questions correctly. If you do not "pass" the pre-qualification survey, staff will respond with information to help you determine why you did not "pass" the initial survey and what additional information you may need to qualify in the future.

If you complete the quiz with a result of 80% or better, we will generate a Pre-qualification Certificate that will be valid for at least one year. Please include a valid email address, which will be used to inform you of available homes and updates to the Program.

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* 1. Contact Information

Name *

Address

Address 2

City/Town

State/Province

ZIP/Postal Code

Email Address *

Phone Number *

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* 2. True or False. No portion of the affordable unit shall be rented or leased for any period of time.

True

False

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* 3. The resale income restriction on program properties lasts how long?

10 years

20 years

50 years

They never go away

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* 4. True or False: The gross income of all household members age 18+ is considered when qualifying for the program.

True

False

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* 5. A first time homebuyer is considered someone who has not owned a home, mobile home, condo or other vacant property in the last _____ years.

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* 6. What is the minimum down payment amount?

3% of the home price

5% of the home price

$50,000

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* 7. What are “seasoned” funds?

Money held untouched in a bank account for 90 days.

Money given as a gift from friends.

A person’s last two weeks of income.

A person’s retirement account funds.

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* 8. Which of the following restrictions apply to program homes?

Homes must be owner-occupied

The interior and exterior of the property must be maintained

Owners must sell to City-approved buyers

Refinancing is not allowed for 3 years after purchase

All of the above

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* 9. The City may reject or deny an application to the Program for which of the following reasons.

Missing or incorrect supporting documents (pay stubs, bank statements, tax returns, etc.)

Illegible or unreadable writing or documents

False or incorrect information

Income below or above the allowed income limits

Non-responsiveness to City or delayed process of loan or sales documents

All of the above

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* 10. The City’s Program includes a lottery, which includes how many tiers or drawings?

Two

Three

Four

None

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* 11. True or False: By completing this pre-qualification quiz, you are guaranteed an opportunity to purchase a home.

True

False