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HUD EXAM PREP/QUESTIONS AND ANSWERS/100% SCORES
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HUD EXAM PREP/QUESTIONS AND ANSWERS/100% SCORES
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HUD EXAM PREP/QUESTIONS ANDANSWERS/100% SCORES
Types of Credit Used - -Student loan or credit cards only
-FAKO scores - -purchase score which are educational score
-Fair Credit Reporting Act FCRA - -what is in file/dispute/remove 30
days/remove bad 7 yrs/bk 10 yrs/access limited/damages from
violators/state rights
-Fair and Accurate Credit Transactions Act FACTA - -free cbrs/fraud
alert/truncate cc #s
-Fair Credit Billing Act (FCBA) - -dispute bill error/mail 60 days/creditor 30
days acknowledge and 90 days research. billed timely manner/14 days
before payment due
-Tax Credits - -Earned Income Tax Credit/EITC-low/moderate income
ind/families. Net earnings from self employment-income/marital
status/children. Educational credit-post seconday for ind/child.
Child/Dependent Care Credit-work/look for work and paying a service.
additional credits under 17yo.
-predatory lending - -loan flipping-refi existing loan for more fees and
interest
-Chap 13 bk - -3-5 yr payment plan on all/part of debt, can stop foreclosure,
cure delinquent mortgage payments, reschedule secured debts other than
mortgage, lower payment, retain house/car
-Blockbusting - -convince/attempt person to sell/rent due to
entry/neighborhood of race/color/religion/familia/origin/disability
-Redlining - -illegal practice to make residential loans due to race,
neighborhood, origin, familia, sex, color
-Closing costs & Discount Points - -Closing 3-4% and Discount 1% of total
loan amount
-front end ratio / housing expense ratio - -monthly housing exp/gross
monthly income
, -Gross Monthly Income (GMI) - -hourly-10/hrx35hrsx52 wks/12......wkly
750x52wksx12=.....biwkly-1000.x26/12=....semimnth-
1200.x2=...selfemploy-average gross 70587./24=
-back-end ratio - -debt exp/gross debt to income ratio
-Affordability - -FE/Conv 28, FHA 31, FHAEE 33, Rent 30....BE/Conv 36(45-
50), FHA 43, FHAEE 45, Rent 36
-Max Mnthly House Pymt - -FERxgmi BERxgmi-debts
-2nd mort/piggy back loan - -lower 1st mort, avoid private morg ins, repairs,
education
-mortg terms - -interest only-pay only interest for a fixed term after
borrower pays principal/interest, fixed rate-interest fixed 30 yrs or 10-15,
Adjustable-interest adjust and has cap
-Loan-to-Value Ratio - -LTV%=loan bal/sales price/appraised x 100
-down payment - -conv-varies, FHA-580+96.5%LTV or 3.5% down, 500-579-
90LTV or 10 down, VA/USDA-none
-Mort Ins - -Private Morg Ins-priv loans conv/subprime, Up Front-FHA, VA,
USDA, Mort Ins Premium-FHA, VA, USDA
-Civil Rights Act of 1866 - -all natural citizens except american indians
-1896 Plessy v. Ferguson - -ruled that segregation was allowed, as long as
the facilities were "separate but equal"
-1933 Home Owners Loan Corporation (HOLC) - -Conress to avoid
foreclosures during great depression/refinance mort in default
-1948 Shelly v Kraemer - -deed restrictions deemed illegal
-1954 Brown v. Board of Education - -This famous Supreme Court case over
turned Plessy v. Ferguson. The Brown decision stated that separated but
equalities were inherently unequal.
-1962 Executive Order 11063 - -JFK prohibit discrimination in sale/lease/rent
backed by federal funds
-1964 Civil Rights Act - -This act prohibited Discrimination because of race,
color, sex, religion, or national origin by employers or labor unions
, -1968 Civil Rights Act - -This was passed in response to MLK Jr's
assassination. Called the Fair Housing Act. Prohibits discrimination in housing
sales, rentals, advertising, and financing based on race, color, national
origin, and religion. It also obligated federal agencies to affirmatively further
fair housing.
-1968 HUD - -Established Ginnie Mae, to expand the availability of
government-secured home loans to moderate-income families
-1974 & 1988 - -1974/sex & 1988/disability & familia
-2010 LGBT - -HUD issued a new policy that provides lesbian, gay, bisexual,
and transgender individuals and families with further assistance when facing
housing discrimination. The new guidance treats "gender identity
discrimination" as gender discrimination.
-Extra protection for disabled - -Covered multifamily dwellings available for
occupancy after March 13, 1991, must be usable and accessible for persons
with disabilities including design of: doors, accessible routes, environmental
controls, grab bars, and usable kitchens.
-Section 504 of the Rehabilitation Act of 1973 - -Requires that housing
providers that receive federal financial assistance make and pay for
structural changes to facilities, if needed as a reasonable accommodation
unless doing so poses an undue financial and administrative burden.
-Assistant Animal - -An assistance animal is not a pet. An assistance animal
works, provides assistance, or performs tasks for the person or provides
emotional support that alleviates one or more identified symptoms or effects
of a person's disability. Assistance animals do not have to be trained or
certified, and are not limited to dogs.
-Exemptions to the Fair Housing Act - -Single Family-1. Owns, sells, or rents
the house 2. Owns 3 or fewer single family homes 3. Does not use a real-
estate broker. Mrs Murphy-The house or living quarter is occupied by or
intended to be occupied by no more than four independent families and the
owner 2. The owner has three or fewer rental units. Religious-Housing is not
operated commercially 2. Housing is made available to persons of the same
religion. Private Club-The housing is not open to the public 2. The housing is
incidental to the primary purpose The hosing is not operated commercially.
Elderly-1. Housing is designed for the elderly 2. 100% of the community is 62
or older; or 80% of the households have one resident who is 55+
-Real Estate Related Transaction - -According to the Fair Housing Act, a real
estate related transaction means any of the following:
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