HUD Housing Counselor Module 4.1 & 4.2 Exam Questions & Answers 2023/2024
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 (FH...
HUD Housing Counselor Module 4.1 & 4.2 Exam Questions & Answers 2023/2024
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 - ANSWER-Federal Housing Administration (FHA)
Which is the most significant benefit of using a real estate agent?
- Marketing the home online
- Obtaining a home inspection
- Paying the sales commission
- Negotiating the sale - ANSWER-Negotiating the sale
Which statement most accurately describes a member of the home buying team? - A real estate agent or broker is typically an attorney or works for an escrow company. S/he oversees the final transaction in property purchase, at which time the title is transferred from the seller to the buyer
- The lender requires an assessment of the home by a home inspector before loan approval
- An insurance agent is also known as a settlement agent
- A home inspector is generally paid by the buyer - ANSWER-A home inspector is generally paid by the buyer
Which piece of advice would you give to clients as they begin the process of obtaining financing?
- Never speak with lenders before setting on a home - Have all potential lenders pull credit within a 30-day window
- Mortgages with adjustable rates are always best
- Choose whichever lender is most prompt in returning your phone calls - ANSWER-Have all potential lenders pull credit within a 30-day window
All of the following is information necessary for your client to gather in preparation for filing out the URLA, except: - Figures related to income from child support - Figures related to student loans
- The year the home was built
- Referrals of past landlords - ANSWER-Referrals of past landlords
All of the following statements describe working with an appraiser during the "obtaining financing" step of purchasing a home, except:
- It is improper for an appraiser to consider the racial or religious background of a neighborhood's residents to determine the value of a home
- Lenders hire appraisers
- Home buyers can cancel the offer contract if the contract includes a contingency clause
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