52) A promise lacks consideration if a person promises to perform an act or do something he is already under an obligation to do. This is called a(n) ________. 52) A) illusory promise B) preexisting duty C) illegal consideration D) gift promise 53) Dean Campenella is a detective with the California state police.
What about first-time home buyers or those with little to no equity? In today's market, it is prohibitive even for the most frugal of first-time home buyers to come up with a traditional down payment. Houses that sell for $200,000 would require a down payment of $20,000 to $40,000, but there are options. Let's look at some of them.
Compared to other loans, the FHA has more lenient credit guidelines and criteria. The down payment required for an FHA loan is 3.5%. Down payment assistance may be available for first time home buyers. Your lender will verify your employment history so itâs best to have steady employment history. See all the official credit requirements on the FHA website.