HUD EXAM TEST 1 SET |
GUARANTEED ACCURATE
ANSWERS |UPDATED 2025
Which document should the counselor review with the client to identify
spending habits and track expenses? - ACCURATE ANSWERS✔✔
Bank Statement
Which additional information would the housing counselor need to
prepare a household budget for this client? - ACCURATE
ANSWERS✔✔ Net income
Which item in the client's budget is a fixed expense? - ACCURATE
ANSWERS✔✔ Car lease payment
What is the maximum percent of area median income allowable for a
household to qualify for a Housing Choice Voucher? - ACCURATE
ANSWERS✔✔ 50%
Which is the maximum recommended housing ratio for renting an
apartment? - ACCURATE ANSWERS✔✔ 30%
,Eligibility requirement for down payment assistance programs include
which factors? - ACCURATE ANSWERS✔✔ Income, homebuyer
education, purchase price
The client is considering an FHA mortgage. What is the upfront
mortgage insurance premium (UFMIP) for a FHA mortgage? -
ACCURATE ANSWERS✔✔ 1.75% (UFMIP)
The annual MIP (Mortgage Insurance Premium) for FHA mortgages
ranges? - ACCURATE ANSWERS✔✔ between 0.8% and 1.05%.
USDA loans charge up front Grantee Fee ? - ACCURATE
ANSWERS✔✔ 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? - ACCURATE
ANSWERS✔✔ 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? - ACCURATE
ANSWERS✔✔ 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? -
ACCURATE ANSWERS✔✔ Medical history
Which is a responsibility of a housing counselor? - ACCURATE
ANSWERS✔✔ 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? - ACCURATE ANSWERS✔✔ 30 days
period
Which is a responsibility of a home inspector? - ACCURATE
ANSWERS✔✔ *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? -
ACCURATE ANSWERS✔✔ the client can compare loan estimates
Which is the best advice that a housing counselor can give the client to
protect against identity theft? - ACCURATE ANSWERS✔✔ 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? - ACCURATE ANSWERS✔✔ Provide a loan
estimate without factoring in the raise
Average closing costs rage? - ACCURATE ANSWERS✔✔ 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? -
ACCURATE ANSWERS✔✔ 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? - ACCURATE
ANSWERS✔✔ Client wants to customize his home with do-it- yourself
projects
Maximum Front-end ration for a standard convention loan % ? -
ACCURATE ANSWERS✔✔ 28%
Front-end ratio - ACCURATE ANSWERS✔✔ monthly housing
expenses / Gross monthly income
매달 income 에 housing expenses 의 %
Back-end ratio(Debt to income)for a standard convention loan % ? -
ACCURATE ANSWERS✔✔ maximum 36%
GUARANTEED ACCURATE
ANSWERS |UPDATED 2025
Which document should the counselor review with the client to identify
spending habits and track expenses? - ACCURATE ANSWERS✔✔
Bank Statement
Which additional information would the housing counselor need to
prepare a household budget for this client? - ACCURATE
ANSWERS✔✔ Net income
Which item in the client's budget is a fixed expense? - ACCURATE
ANSWERS✔✔ Car lease payment
What is the maximum percent of area median income allowable for a
household to qualify for a Housing Choice Voucher? - ACCURATE
ANSWERS✔✔ 50%
Which is the maximum recommended housing ratio for renting an
apartment? - ACCURATE ANSWERS✔✔ 30%
,Eligibility requirement for down payment assistance programs include
which factors? - ACCURATE ANSWERS✔✔ Income, homebuyer
education, purchase price
The client is considering an FHA mortgage. What is the upfront
mortgage insurance premium (UFMIP) for a FHA mortgage? -
ACCURATE ANSWERS✔✔ 1.75% (UFMIP)
The annual MIP (Mortgage Insurance Premium) for FHA mortgages
ranges? - ACCURATE ANSWERS✔✔ between 0.8% and 1.05%.
USDA loans charge up front Grantee Fee ? - ACCURATE
ANSWERS✔✔ 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? - ACCURATE
ANSWERS✔✔ 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? - ACCURATE
ANSWERS✔✔ 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? -
ACCURATE ANSWERS✔✔ Medical history
Which is a responsibility of a housing counselor? - ACCURATE
ANSWERS✔✔ 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? - ACCURATE ANSWERS✔✔ 30 days
period
Which is a responsibility of a home inspector? - ACCURATE
ANSWERS✔✔ *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? -
ACCURATE ANSWERS✔✔ the client can compare loan estimates
Which is the best advice that a housing counselor can give the client to
protect against identity theft? - ACCURATE ANSWERS✔✔ 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? - ACCURATE ANSWERS✔✔ Provide a loan
estimate without factoring in the raise
Average closing costs rage? - ACCURATE ANSWERS✔✔ 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? -
ACCURATE ANSWERS✔✔ 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? - ACCURATE
ANSWERS✔✔ Client wants to customize his home with do-it- yourself
projects
Maximum Front-end ration for a standard convention loan % ? -
ACCURATE ANSWERS✔✔ 28%
Front-end ratio - ACCURATE ANSWERS✔✔ monthly housing
expenses / Gross monthly income
매달 income 에 housing expenses 의 %
Back-end ratio(Debt to income)for a standard convention loan % ? -
ACCURATE ANSWERS✔✔ maximum 36%
