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HUD Housing Exam (GRADED A) Questions and Answers(100% Correct Answers)
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HUD Housing Exam (GRADED A) Questions and Answers(100% Correct Answers)
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HUD Housing Exam (GRADED A) Questions andAnswers (100% Correct Answers)
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
Which item in the client's budget is a fixed expense?
Car lease payment
What is the maximum percent of area medium 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 requirements for down payment assistance programs include which factors?
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?
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?
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?
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
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-day period.
Which is a responsibility of a home inspector?
, 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?
So the client can compre loan estimates
Which is the best advice that a housing counselor can give to protect against identity theft?
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?
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?
$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?
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?
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