HUD HOUSING STUDY BUNDLE LATEST UPDATE 2024!!!!

% Impact of Account Payment History on Credit Score - 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 - Answer 30% portion of score based on the ra...

Types of Credit Used - Answer Student loan or credit cards only FAKO scores - Answer purchase score which are educational score Fair Credit Reporting Act FCRA - Answer what is in file/dispute/remove 30 days/remove bad 7 yrs/bk 10 yrs/access limited/damages from violators/state rights ...

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

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

Conventional Loan - Answer Front end 28% Back end 36% can go up to 45% to 50%(debt to income), backed by private lenders. AKA prime loans. Good credit, 20% down payment. May have interest only terms FHA - Answer Front end 31% Back end 43% Limited funds, bad credit, bankruptcy, high debt to...

Which document should the counselor review with the client to identify spending habits and track expenses? - Answer Bank Statement Which additional information would the housing counselor need to prepare a household budget for this client? - Answer Net income Which item in the client's ...

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. Adj...

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 wh...

Primary function of HUD - Answer Creating and managing programs to provide quality affordable housing, prevent housing discrimination and help build sustainable communities. HUD investigates complaints of housing discrimination based on? - Answer Race Color Religion National Origin Sex ...

Which describes the legally enforceable terms that govern the use of real estate? A. Residential security restrictions B. Deed restrictions C. Redlined Maps Government-sponsored deeds - Answer B. Deed Restrictions -Deed restrictions are legally enforceable terms that govern the use of real e...

Deed Restrictions - Answer Legally enforceable terms that govern the use of real estate Redlining - Answer 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, ...

The following contributed to the increase in foreclosure rates, except: A. Subprime lending B. Risky loan products with feature like negative amortization C. Demand from the secondary market D. Homeowners paying off mortgages early E. Using teaser rates to qualify more borrowers. - Answer D...

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 - Answer Answer: A Since the car is paid off, the expense does not need to be inc...

Which document should the counselor review with the client to identify spending habits and track expenses: - Answer Bank statement Which additional information would the housing counselor need to prepare a household budget for this client? - Answer Net income Which item in the client's bu...