A client earns a salary of $45,000 at a job held for three years. The client has credit card
bills, student loans, and a car loan totaling $500 per month. The client has already
saved $3,500 for a down payment and is using an FHA Energy Efficient Mortgage
(EEM).
If the client wants to make the minimum down payment for a home priced at $150,000,
how much more does the client need to save?
A client has a monthly household income of $2,300, monthly debt payments of $450,
and an optimal monthly housing ratio of 32%. What is the client's optimal monthly
housing payment?
-$592
,-$736
-$880
-$1,186 - CORRECT ANSWER: $736
A client has saved money for a small down payment and closing costs to purchase a
$100,000 home in the city. The client is deciding whether to begin the home-buying
process now or continue saving for a larger down payment.
A client is currently renting month to month (tenancy at sufferance). What advice should
a housing counselor recommend to better secure the housing?
, Seek a new written lease agreement
Seek a new oral lease agreement
Continue with the current lease arrangement
Seek a tenancy at will lease arrangement - CORRECT ANSWER:
A client is delinquent on the mortgage and at risk of default. The client is considering
signing the deed over to a real estate investor to avoid foreclosure. What should the
housing counselor recommend?
-Recommend a reputable real estate agent to handle signing the deed over to a real
estate investor.
-Advise the client to take advantage of the offer to sign over the deed.
-Recommend that the client file bankruptcy instead of signing over the deed.
-Advise against signing over the deed to a real estate investor as a solution to avoid
foreclosure. - CORRECT ANSWER:
A client is in the process of purchasing a home with a sales price of $162,000. The
client has a net worth of $50,000, a credit score of 680, and a debt-to-income ratio of
36%. The home has appraised for $155,000. Which factor of creditworthiness will most
likely be an obstacle to purchasing the home?
A client recently experienced an unexpected car expense, which resulted in the client
using half the rent to pay for the expense. The client, who still has a full-time job, would
like to avoid making a late payment. Which resource should a housing counselor
recommend first?
-Contact United Way 211
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 Tutordiligent. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $20.49. You're not tied to anything after your purchase.
