People Who Are Able to Make a Down Payment and Have

question 27

True/False

People who are able to make a down payment and have a steady income may become eligible for a mortgage loan as soon as two years following a discharge in bankruptcy.

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Definitions:

Owner's Equity

The owner's rights to the assets of a business, minus the liabilities owed to outsiders.

Net Income

The profit amount a company achieves after all its expenses and taxes have been subtracted from its revenue stream.

Owner's Equity

The residual interest in the assets of a company after deducting liabilities, representing the owners' share.

Liabilities

Economic obligations or debts that an entity owes to external parties, which must be settled over time through the transfer of economic benefits including money, goods, or services.