HUD Test 1 with complete solutions already graded A

Which document should the counselor review with the client to identify spending habits and track expenses? Bank Statement Which additional information would the housing counselor need to prepare a household budget for this client? Net income 00:21 01:22 Which item in the client's budget is a fixed expense? Car lease payment What is the maximum percent of area median income allowable for a household to qualify for a Housing Choice Voucher? 50% Which is the maximum recommended housing ratio for renting an apartment? 30% Eligibility requirement for down payment assistance programs include which factors? Income, homebuyer education, purchase price The client is considering an FHA mortgage. What is the upfront mortgage insurance premium (UFMIP) for a FHA mortgage? 1.75% (UFMIP) The annual MIP (Mortgage Insurance Premium) for FHA mortgages ranges? between 0.8% and 1.05%. USDA loans charge up front Grantee Fee ? 2% The client decides to purchase a townhouse through a down payment assistance program with a recapture clause. Three years later, the client remarries, and his wife owns a single family home. Which situation might cause an accelerated loan payment? Client moves to his wife's home and rents his townhouse to tenant If the client was denied a mortgage loan and the lender told him to come back after his divorce had been final for 3 years, what is the best advice for the housing counselor to provide to the client? Contact the Federal Trade Commission as the lender's action might violate the Equal Credit Opportunity Act. A question from a lender on which topic would be inappropriate? Medical history 00:24 01:22 Which is a responsibility of a housing counselor? Educate homebuyers about their rights In order to minimize the impact on the client's credit score, what is the maximum time frame within which the client should apply for pre-approval from multiple lenders? 30 days period Which is a responsibility of a home inspector? *Evaluate the condition of a home *Examine mechanical systems *Identify items to be repaired or replaced Which is the best reason that a housing counselor would suggest that a client speak to 3 to 5 different lenders before choosing one? the client can compare loan estimates Which is the best advice that a housing counselor can give the client to protect against identity theft? Review credit report at least once per year The client tells the lender that he is expecting a raise soon. Which action should the lender take? Provide a loan estimate without factoring in the raise Average closing costs rage? 3% and 4% The client is considering renting an apartment with a different landlord. Which would be an upfront cost of moving to the new apartment? Application fee The client is second-guessing his decision to buy a home, so the counselor asks a series of questions. Which response would best align with the homewonership option for this client? Client wants to customize his home with do-it- yourself projects Maximum Front-end ration for a standard convention loan % ? 28% Front-end ratio monthly housing expenses / Gross monthly income 매달 income에 housing expenses의 %