HUD Complete Package Deal 2023

Which document is most important when working with a client to develop an initial budget as part of a Client Action Plan? - Correct Answer 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 ...

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 - Correct Answer Pay stub A client would like purchase a home within one year. The client is motivated to...

What is the maximum percent of area median income allowable for a household to qualify for a Housing Choice Voucher? - Correct Answer 50% Which is the maximum recommended housing ratio for renting an apartment? - Correct Answer 30% Eligibility requirements for down-payment assistance programs ...

% Impact of Account Payment History on Credit Score - Correct Answer 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 - Correct Answer 30% portion of score bas...

Adjustable Rate Mortgage (ARM) - Correct 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. ...

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 - Correct Answer D. Options A, B, and C A person or company that...

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 budg...

All of the following would help a counselor develop a realistic household budget, except: A. Payment information for a paid-off car B. Amount spent on groceries C. Rent payment information D. Monthly cable bill - Correct Answer Answer: A Since the car is paid off, the expense does not need to b...

Fair Housing Practice Exam Questions and Answers 100% Verified 2023

Elements IN a Budget - Correct Answer -Pay Stubs. (For self employed -> profit + loss statements) -Bank Statement -Utility Bill -Soc. Sec. Award Letter -Credit Card Debt -Car Expenses -Child Support -Hobby Income (Avg.) Elements NOT in a Budget - Correct Answer -Stock Dividends -Annual ...