HUD BUNDLED Exam 2023 with 100% correct answers

Back-end ratio - correct answerThe back-end ratio (or debt-to-income ratio) compares total debt to gross monthly income. The client's only debt is a $435 lease payment, so the $950 mortgage payment brings his total monthly debt to $1,385. He earns $50,000 per year, which equals $4,166.67 per month....

Rental Obstacle + Solutions: Low Income - correct answer-Some Renters reject people whose Rent would be more than 30% of GMI -Solutions -Apply for Housing Assistance -Expand housing search areas -Get a roommate -Move in w/family or friends Strategies for decreasing expenses and debt - corre...

Federal law granting citizenship to former slaves; passed over Johnson's veto. (Race and Color) - correct answerCivil Rights Act of 1866 banned discrimination in the rental or sale of housing (Race, color, religion, national origin) - correct answerFair Housing Act of 1968 added gender (sex) ...

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 answerBank Statement Which additional information would the housing counselor need to prepare a household budge...

Front end ratio (parts) - correct answerMonthly Housing Expense / Gross Income Back End Ratio (parts) - correct answerMonthly housing+debt (on credit report - car loan, credit cards & etc) / Gross Income Renter Ratio - correct answer30% / 36% Conventional Ratio - correct answer28% / 36% ...

What is the maximum percent of area median income allowable for a household to qualify for a Housing Choice Voucher? - correct answer50% Which is the maximum recommended housing ratio for renting an apartment? - correct answer30% Eligibility requirements for down-payment assistance programs in...

What act are limited english proficiency persons protected under? - correct answertitle VI of the civil rights act of 1964 Which act was passed in 1866? - correct answerthe civil rights act of 1866 What did the civil rights act of 1866 bill declare? - correct answer"all persons born in the Un...

Default - correct answerWhen no payments made after 60 to 90 days... 30 for FHA loans Front-End Ratio Equation - correct answerMonthly housing expenses/gross monthly income Front-End Ratio maximums - correct answer28% or less - conventional loan 31% or less for FHA, 30% or less for rentals ...

Adjustable Rate Mortgage (ARM) - correct answerAdjustable 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. ...

A potential homebuyer with a minimal savings for a down payment and a low credit score is most likely to qualify for which mortgage? - United States Department of Agriculture (USDA) - Federal Housing Administration (FHA) - Fannie Mae - Freddie Mac - correct answerFederal Housing Administration...

the purpose of tracking your money - correct answerto help you achieve your financial goals documents to use when tracking income - correct answer- paychecks - direct deposit slips - if self-employed, income and expenses sheet - if self-employed, profit and loss statements - additional income...

Which document should the counselor review with the client to identify spending habits and track expenses: - correct answerBank statement Which additional information would the housing counselor need to prepare a household budget for this client? - correct answerNet income Which item in the cl...

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