Study guides, Class notes & Summaries

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 - answer-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 expenses than they think - It helps identify spending habits - It helps show c...

Back end ratio - answer-compares the total of all monthly PITI expenditures plus auto loans and other debts with gross monthly income Front-end ratio - answer-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 - answer-failure to pay back a loan Arrearages - answer-Amount of total past due mortgage payments Blockbusting - answer-A process by which real estate agents convi...

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 - answer-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? Find a second job Borrow from retirement fund Sell maj...

What is the maximum percent of area median income allowable for a household to qualify for a Housing Choice Voucher? - answer-50% Which is the maximum recommended housing ratio for renting an apartment? - answer-30% Eligibility requirements for down-payment assistance programs include which factors? - answer-Income, home-buyer education, purchase price The client is considering an FHA mortgage. What is the upfront mortgage insurance premium (UFMIP) for an FHA mortgage? - answer-1.75% ...

Adjustable Rate Mortgage (ARM) - answer-Adjustable rate mortgages have an initial rate that applies for a defined period of time (typically from one month to 10 years), then adjusts at pre-determined intervals for the life of the loan. Interest rates can increase or decrease when adjusted. Adjusted Gross Income - answer-Gross income minus adjustments, or reductions, that one is eligible for, such as deductions for unreimbursed business expenses, tuition and fees, and contributions to certain ...

HUD ACTUAL EXAM 2024/HUD HOUSING COUNSELOR CERTIFICATION FINAL EXAM/150 QUESTIONS AND CORRECT ANSWERS (GRADED A+) LATEST

HUD ACTUAL EXAM 2024/HUD HOUSING COUNSELOR CERTIFICATION FINAL EXAM/150 QUESTIONS AND CORRECT ANSWERS (GRADED A+) LATEST

HUD ACTUAL EXAM 2024/HUD HOUSING COUNSELOR CERTIFICATION FINAL EXAM/150 QUESTIONS AND CORRECT ANSWERS (GRADED A+) LATEST

HUD ACTUAL EXAM 2024/HUD HOUSING COUNSELOR CERTIFICATION FINAL EXAM/150 QUESTIONS AND CORRECT ANSWERS (GRADED A+) LATEST

HUD Certification Exam Questions With 100% Correct Answers 2024