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Hud Exam Prep 2024 With Complete Solutions Latest Update
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Hud Exam Prep 2024 With Complete Solutions Latest Update
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Hud Exam Prep 2024Types of Credit Used - correct answers Student loan or credit cards only
FAKO scores - correct answers purchase score which are educational score
Fair Credit Reporting Act FCRA - correct answers what is in file/dispute/remove 30 days/remove bad 7 yrs/bk 10
yrs/access limited/damages from violators/state rights
Fair and Accurate Credit Transactions Act FACTA - correct answers free cbrs/fraud alert/truncate cc #s
Fair Credit Billing Act (FCBA) - correct answers dispute bill error/mail 60 days/creditor 30 days acknowledge and 90 days
research. billed timely manner/14 days before payment due
Tax Credits - correct answers Earned Income Tax Credit/EITC-low/moderate income ind/families. Net earnings from self
employment-income/marital status/children. Educational credit-post seconday for ind/child. Child/Dependent Care
Credit-work/look for work and paying a service. additional credits under 17yo.
predatory lending - correct answers loan flipping-refi existing loan for more fees and interest
Chap 13 bk - correct answers 3-5 yr payment plan on all/part of debt, can stop foreclosure, cure delinquent mortgage
payments, reschedule secured debts other than mortgage, lower payment, retain house/car
Blockbusting - correct answers convince/attempt person to sell/rent due to entry/neighborhood of
race/color/religion/familia/origin/disability
Redlining - correct answers illegal practice to make residential loans due to race, neighborhood, origin, familia, sex, color
Closing costs & Discount Points - correct answers Closing 3-4% and Discount 1% of total loan amount
,front end ratio / housing expense ratio - correct answers monthly housing exp/gross monthly income
Gross Monthly Income (GMI) - correct answers hourly-10/hrx35hrsx52 wks/12......wkly 750x52wksx12=.....biwkly-
1000.x26/12=....semimnth-1200.x2=...selfemploy-average gross 70587./24=
back-end ratio - correct answers debt exp/gross debt to income ratio
Affordability - correct answers FE/Conv 28, FHA 31, FHAEE 33, Rent 30....BE/Conv 36(45-50), FHA 43, FHAEE 45, Rent 36
Max Mnthly House Pymt - correct answers FERxgmi BERxgmi-debts
2nd mort/piggy back loan - correct answers lower 1st mort, avoid private morg ins, repairs, education
mortg terms - correct answers interest only-pay only interest for a fixed term after borrower pays principal/interest,
fixed rate-interest fixed 30 yrs or 10-15, Adjustable-interest adjust and has cap
Loan-to-Value Ratio - correct answers LTV%=loan bal/sales price/appraised x 100
down payment - correct answers conv-varies, FHA-580+96.5%LTV or 3.5% down, 500-579-90LTV or 10 down, VA/USDA-
none
Mort Ins - correct answers Private Morg Ins-priv loans conv/subprime, Up Front-FHA, VA, USDA, Mort Ins Premium-FHA,
VA, USDA
Civil Rights Act of 1866 - correct answers all natural citizens except american indians
1896 Plessy v. Ferguson - correct answers ruled that segregation was allowed, as long as the facilities were "separate but
equal"
1933 Home Owners Loan Corporation (HOLC) - correct answers Conress to avoid foreclosures during great
depression/refinance mort in default
, 1948 Shelly v Kraemer - correct answers deed restrictions deemed illegal
1954 Brown v. Board of Education - correct answers This famous Supreme Court case over turned Plessy v. Ferguson.
The Brown decision stated that separated but equalities were inherently unequal.
1962 Executive Order 11063 - correct answers JFK prohibit discrimination in sale/lease/rent backed by federal funds
1964 Civil Rights Act - correct answers This act prohibited Discrimination because of race, color, sex, religion, or national
origin by employers or labor unions
1968 Civil Rights Act - correct answers This was passed in response to MLK Jr's assassination. Called the Fair Housing Act.
Prohibits discrimination in housing sales, rentals, advertising, and financing based on race, color, national origin, and
religion. It also obligated federal agencies to affirmatively further fair housing.
1968 HUD - correct answers Established Ginnie Mae, to expand the availability of government-secured home loans to
moderate-income families
1974 & 1988 - correct answers 1974/sex & 1988/disability & familia
2010 LGBT - correct answers HUD issued a new policy that provides lesbian, gay, bisexual, and transgender individuals
and families with further assistance when facing housing discrimination. The new guidance treats "gender identity
discrimination" as gender discrimination.
Extra protection for disabled - correct answers Covered multifamily dwellings available for occupancy after March 13,
1991, must be usable and accessible for persons with disabilities including design of: doors, accessible routes,
environmental controls, grab bars, and usable kitchens.
Section 504 of the Rehabilitation Act of 1973 - correct answers Requires that housing providers that receive federal
financial assistance make and pay for structural changes to facilities, if needed as a reasonable accommodation unless
doing so poses an undue financial and administrative burden.
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