HUD Housing Exam Questions & Answers 2023/2024
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? - ANSW...
HUD Housing Exam Questions & Answers 2023/2024
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 budget is a fixed expense? - ANSWER-Car lease payment
What is the maximum percent of area medium 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 which factors? - ANSWER-
Income, homebuyer education, and purchase price
The client is considering an FHA Mortgage. What is the upfront mortgage insurance premium (UFMIP) for an FHA mortgage? - ANSWER-1.75%
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? - ANSWER-Client moves into wife's home and rents his townhouse to a tenant
If the client was denied a mortgage loan and the lender told him to come back after his divorce has been final for three years, what is the best advice the counselor can provide to the client? - ANSWER-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? - ANSWER-Medical history Which is a responsibility of a housing counselor? - ANSWER-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? - ANSWER-30-day period.
Which is a responsibility of a home inspector? - ANSWER-A) Evaluate condition of the home
B) Examine medical systems C) identify items to be repaired or replaced
Which is the best reason a counselor would suggest that client speak to three to five difference lenders before choosing one? - ANSWER-So the client can compre loan estimates
Which is the best advice that a housing counselor can give to protect against identity theft? - ANSWER-
Review credit report at least once a year
The client tells the lender that he is expecting a raise soon. Which actions should the lender take? - ANSWER-Provide a loan estimate without factoring in the raise
If the client obtains a mortgage of $100,000 typically how much should he expect to pay for closing costs? - ANSWER-$4k - 3-4% on average
The client is considering renting an apartment with a different landlord. Which would be an upfront cost of living to the new apartment? - ANSWER-Application fee
The client is second-guessing his decision to buy a home, so the counselor asks a series of questions. Which response would be best aligned with the homeownership option for this client? - ANSWER-Client wants to customize his home with do-it-yourself projects
What is the maximum mortgage payment for which this client would qualify using a standard conventional loan? - ANSWER-$1,065 - 28%
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Bensuda. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.99. You're not tied to anything after your purchase.
