HUD

HUD Housing Counseling Exam 2023/2024 Back-end ratio The back-end ratio (or debt-to-income ratio) compares total debt to gross monthly income. The client's only debt is a $435 lease payment, so the $950 mortgage payment brings his total monthly debt to $1,385. He earns $50,000 per year, which equals $4,166.67 per month. The client's total current expenses divided by gross monthly income equals 52%. The client's combined current housing payment and car payment divided by gross monthly inco...

HUD Housing Counseling Exam Correctly Solved 100% Correct!! Civil Rights Act of 1866 Federal law granting citizenship to former slaves; passed over Johnson's veto. (Race and Color) Fair Housing Act of 1968 banned discrimination in the rental or sale of housing (Race, color, religion, national origin) Housing and Community Development Act of 1974 added gender (sex) to the protected classes Fair Housing Amendments Act of 1988 Added Disability and familial status to protected classes. R...

HUD Housing Counseling (HUD Housing Counseling Certification Exam) Latest Questions With Correct Answers. Which document should the counselor review with the client to identify spending habits and track expenses? A. Credit report B. Pay stubs C. Bank Statement D. Tax returns Bank Statement Which additional information would the housing counselor need to prepare a household budget for this client? A. Net Income B. Lease Documentation C. Credit Score D. Bankruptcy Discharge Net I...

HUD Housing Counselor Exam Questions With Complete Solutions. Adjustable Rate Mortgage (ARM) Adjustable rate mortgages have an initial rate that applies for a defined period of time (typically from one month to 10 years), then adjusts at pre-determined intervals for the life of the loan. Interest rates can increase or decrease when adjusted. Adjusted Gross Income Gross income minus adjustments, or reductions, that one is eligible for, such as deductions for unreimbursed business expenses, ...

HUD Practice Test and Correct Answers 2023 Updated Which document is most important when working with a client to develop an initial budget as part of a Client Action Plan?

HUD Practice Test 2023| 89 Questions with Correct Answers| Graded A

HUD Exam (Avoiding Foreclosure) 2023 Questions and Answers complete The following contributed to the increase in foreclosure rates, except: A. Subprime lending B. Risky loan products with feature like negative amortization C. Demand from the secondary market D. Homeowners paying off mortgages early E. Using teaser rates to qualify more borrowers. D. Homeowners paying off mortgages early. Making Home Affordable was created in order: A. To make it easier for borrowers to understand loan...

HUD Exam 2023 Questions and Answers- Homeownership Which factor is best for housing counselors to use when determining how much a client can afford to spend on purchasing a home? A. Debt to-income ratios B. Annual gross income C. Savings D. Options A, B, C E. None of the above D. Options A, B, and C A person or company that makes loans for real estate purchases. "Loan officer" is a related term that refers to a representative of a lending or mortgage company who is responsible for so...

HUD Exam 2023 Questions and Answers Verified- Fair Housing Which describes the legally enforceable terms that govern the use of real estate? A. Residential security restrictions B. Deed restrictions C. Redlined Maps Government-sponsored deeds B. Deed Restrictions -Deed restrictions are legally enforceable terms that govern the use of real estate. Deed restrictions that discriminate based on any of the seven prohibited bases for discrimination are illegal and unenforceable. Which is the...

HUD Housing Counselor Certification Practice;HUD Knowledge Assessment Questions and Answers 2023 with complete solution What is the maximum percent of area median 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, home-buyer education, purchase price The client is considering an FHA mortgage. ...