HUD

1) A client would like to purchase a house within one year. The client is motivated to increase household income as a way to save for a down payment and qualify for a loan. Which is the best solution for the client to reach this goal? - Answer- Find a second job 2) Six months ago a client left a job as a reporter to start a business in the retail industry. To prepare to buy a house, the client closed credit card accounts and has been using savings to pay down credit card debt and collections....

Which document should the counselor review with the client to identify spending habits and track expenses? A. Credit report B. Pay stubs C. Bank Statement D. Tax returns - Correct Answer Bank Statement Which additional information would the housing counselor need to prepare a household budget for this client? A. Net Income B. Lease Documentation C. Credit Score D. Bankruptcy Discharge - Correct Answer Net Income Which item in the client's budget is a fixed expense? A. Food ...

HUD Certification Mock Questions and Answer |100% Correct| UPDATED!!! Back end ratio *Ans* compares the total of all monthly PITI expenditures plus auto loans and other debts with gross monthly income Front-end ratio *Ans* compares the total annual PITI expenditures for housing with the loan applicant's gross annual income to assess the borrower's ability to pay the mortgage Default *Ans* failure to pay back a loan Arrearages *Ans* Amount of total past due mortgage payments Blockb...

Latest HUD Certification Exam |Question and Answer| 100% Correct Deed Restrictions *Ans* Legally enforceable terms that govern the use of real estate Redlining *Ans* The practice of refusing to make residential loans or imposing more onerous terms on any loans made because of the predominant race, color, national origin, religion, sex, disability, or familial status of the area's residents. Civil Rights Act of 1968 *Ans* Following the assassination of Dr. Martin Luther King Jr., Cong...

HUD Exam Prep |Question and Answer| 100% Correct 2024/2025 % Impact of Account Payment History on Credit Score *Ans* 35% portion of credit score based on the payment history of accounts, including late payments, delinquencies, judgments, and liens % Impact of Amounts Owed on Accounts on Credit Score *Ans* 30% portion of score based on the ratio of total credit extended to the amount of credit owed % Impact of Length of Credit History on Credit Score *Ans* 15% portion of score based don...

Verified Study Guide: HUD Exam - Housing Affordability |2024/2025 study year| 100% Correct Which document should the counselor review with the client to identify spending habits and track expenses? A. Credit report B. Pay stubs C. Bank Statement D. Tax returns *Ans* Bank Statement Which additional information would the housing counselor need to prepare a household budget for this client? A. Net Income B. Lease Documentation C. Credit Score D. Bankruptcy Discharge *Ans* Net Incom...

HUD Study Guide- Financial Management [Question and Answer] 100% Pass #LATEST!!! Which document is most important when working with a client to develop an initial budget as part of a Client Action Plan? - List of Assets - Current Lease - Retirement Plan statement - Pay stubs *Ans* Pay stubs All the following are reasons why it is important for a client to track income and expenses before finalizing a budget, except: - It helps show clients that they actually spend less on some ex...

HUD Housing Counselor Certification Practice Exam |Question and Answer| 100% Correct What is the maximum percent of area median income allowable for a household to qualify for a Housing Choice Voucher? *Ans* 50% Which is the maximum recommended housing ratio for renting an apartment? *Ans* 30% Eligibility requirements for down-payment assistance programs include which factors? *Ans* Income, home-buyer education, purchase price The client is considering an FHA mortgage. What is the...

HUD Practice Test and Correct Answers |100% Correct Answers| Which document is most important when working with a client to develop an initial budget as part of a Client Action Plan? *Ans* Pay Stub A client would like to purchase a home within one year. The client is motivated to increase household income as a way to save for a down payment and qualify for a loan. Which is the best solution for the client to reach this goal? *Ans* Find a second job A credit report may contain which info...

Final HUD Certification Exam |UPDATED!!| 100% Correct Which document is most important when working with a client to develop an initial budget as part of a Client Action Plan? Pay stub Retirement plan statement List of assets Current lease *Ans* Pay stub A client would like purchase a home within one year. The client is motivated to increase household income as a way to save for a down payment and qualify for a loan. Which is the best solution for the client to reach this goal? Fi...

HUD Practice Exam |Question and Answer| 100% Correct Which document is most important when working with a client to develop an initial budget as part of a Client Action Plan? *Ans* List of Assets Retirement plan statement Pay stub X Current lease A client would like purchase a home within one year. The client is motivated to increase household income as a way to save for a down payment and qualify for a loan. Which is the best solution for the client to reach this goal? *Ans* A cr...

Verified Study Guide: HUD Exam – Home Ownership |2024/2025 study year| 100% Correct Which factor is best for housing counselors to use when determining how much a client can afford to spend on purchasing a home? A. Debt to-income ratios B. Annual gross income C. Savings D. Options A, B, C E. None of the above *Ans* D. Options A, B, and C A person or company that makes loans for real estate purchases. "Loan officer" is a related term that refers to a representative of a lendin...