Chapter 3 - Part 1

Name 10 types of Housing

These owners own their own units individually and share ownership of common elements.

Master Planned Community - merges diverse land uses - require special zoning ordinances

These owners have units that share walls and facilities within a larger building, but do not own their own units. Instead a corporation holds tehy deed and the owners hold shares in the corporation.

Sometimes called a structured PUD

Properties such as factories, warehouses, office buildings, hotels, schools, churches are converted into residential use.

Called a mobile home before 1976

AKA prefabricated homes or "stickbuilt"

Multiple purchasers share ownership of a single property, usually a vacation home.

By the end of 2005, what percentage of households were homeowners?

The decision whether to buy or rent involves:

Name two organizations which offer low downpayment loans.

In the past, the formula for homeowners who could provide at least _______ downpayment was mortgage and PITI could not exceed ______ of gross income and all debts (excluding health ins. utilities, and medical care) could not exceed _________.

Name three financial advantages of Home Ownership

Current market value less debt on home =

For married couples _______________ is now excluded from capital gains tax for profits from sale of a home as long as they have lived there ___________.
For a single person, that amount is ____________.

First time homeowners may make penalty free withdrawals from ______________________ for downpayments.

If a first time homeowner borrows from their IRA for a downpayment on their home, they must pay taxes on the withdrawal. The limit is $10,000 and must be used within ________ days to avoid the _______ withdrawal penalty.