HUD Test 1 2023-solved
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 i...
HUD Test 1 2023-solved
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 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 requirement for down payment assistance programs include which factors? - ANSWER-Income, homebuyer education, purchase price
The client is considering an FHA mortgage. What is the upfront mortgage insurance premium (UFMIP) for
a FHA mortgage? - ANSWER-1.75% (UFMIP)
The annual MIP (Mortgage Insurance Premium) for FHA mortgages ranges? - ANSWER-between 0.8% and 1.05%.
USDA loans charge up front Grantee Fee ? - ANSWER-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? - ANSWER-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? - 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 days period
Which is a responsibility of a home inspector? - ANSWER-*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? - ANSWER-the client can compare loan estimates
Which is the best advice that a housing counselor can give the client to protect against identity theft? - ANSWER-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? - ANSWER-Provide a loan estimate without factoring in the raise
Average closing costs rage? - ANSWER-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? - 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 best align with the homewonership option for this client? - ANSWER-Client wants
to customize his home with do-it- yourself projects
Maximum Front-end ration for a standard convention loan % ? - ANSWER-28%
Front-end ratio - ANSWER-monthly housing expenses / Gross monthly income
매달 income에 housing expenses의 %
Back-end ratio(Debt to income)for a standard convention loan % ? - ANSWER-maximum 36%
Back - end ratio - ANSWER-Total monthly debt expense/ Gross monthly income
매달 income에 Debt의 %
Back-end ratio(Debt to income) for a standard FHA loan % ? - ANSWER-41%-43% maximum 43% If FHA Energy Efficiency Mortgage can 45%
Maximum Front-end ration for a standard FHA loan % ? - ANSWER-31%
How to calculate maximum monthly housing expense? - ANSWER-front-end ratio x Gross income
Which steps should housing counselor take to assess the client's readiness to purchase a home? - ANSWER--Assess funds available for upfront coasts
-Calculate debt-to-income ratio
-Determine maximum housing payment
On which factor is a borrower's annual mortgage insurance premium (MIP) based? - ANSWER-Current principal balance
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