Eem energy fha Study guides, Class notes & Summaries

What is the maximum percent of area median income allowable for a household to qualify for a Housing Choice Voucher? Correct Answer 50% Which is the maximum recommended housing ratio for renting an apartment? Correct Answer 30% Eligibility requirements for down-payment assistance programs include which factors? Correct Answer Income, home-buyer education, purchase price The client is considering an FHA mortgage. What is the upfront mortgage insurance premium (UFMIP) for an FHA mortgage...

Front end ratio (parts) - Answer Monthly Housing Expense / Gross Income Back End Ratio (parts) - Answer Monthly housing+debt (on credit report - car loan, credit cards & etc) / Gross Income Renter Ratio - Answer 30% / 36% Conventional Ratio - Answer 28% / 36% FHA (Federal Housing Administration) Ratio - Answer 31% / 43% EEM - Energy Efficent Mort - Answer 33% / 45% VA - Answer 41% (must include child care with other debts) MIP - Answer Mortgage Insura...

Conventional Loan - Answer-Front end 28% Back end 36% can go up to 45% to 50%(debt to income), backed by private lenders. AKA prime loans. Good credit, 20% down payment. May have interest only terms FHA - Answer-Front end 31% Back end 43% Limited funds, bad credit, bankruptcy, high debt to income ratio. EEM (Energy) FHA - Answer-Front end 33% Back end 45% VA - Answer-41% USDA - Answer-Front End 29% Back End 41%, low-to-moderate income, must live rural area, no down payment, competitive...

HUD Housing Exam Questions and Answers 100% Pass Which document should the counselor review with the client to identify spending habits and track expenses: - Correct Answer ️️ -Bank statement Which additional information would the housing counselor need to prepare a household budget for this client? - Correct Answer ️️ -Net income Which item in the client's budget is a fixed expense? - Correct Answer ️️ -Car lease payment What is the maximum percent of area medium income allo...

HUD Exam Prep 2024 WITH CORRECT ANSWERS Conventional Loan Front end 28% Back end 36% can go up to 45% to 50%(debt to income), backed by private lenders. AKA prime loans. Good credit, 20% down payment. May have interest only terms FHA Front end 31% Back end 43% Limited funds, bad credit, bankruptcy, high debt to income ratio. EEM (Energy) FHA Front end 33% Back end 45% VA 41% USDA Front End 29% Back End 41%, low-to-moderate income, must live rural area, no down payment, competitiv...

A client, who is a divorced local school teacher, is interested in purchasing his first home. He wishes to stay in the same neighborhood where he now lives and to purchase a home in the low-$100,000 range. He currently leases a car for $435 a month and would like to buy a new car. The client has a lease on an apartment with his college friend. Their monthly rent on the apartment, which they split evenly, is $1,100. He has been working as a teacher for five years and earns $50,000 a year. His div...

Hud Prep Final Actual Exam 2024 Conventional Loan - CORRECT ANSWER-Front end 28% Back end 36% can go up to 45% to 50%(debt to income), backed by private lenders. AKA prime loans. Good credit, 20% down payment. May have interest only terms FHA - CORRECT ANSWER-Front end 31% Back end 43% Limited funds, bad credit, bankruptcy, high debt to income ratio. EEM (Energy) FHA - CORRECT ANSWER-Front end 33% Back end 45% VA - CORRECT ANSWER-41% USDA - CORRECT ANSWER-Front End 29% Back End 41%, ...

HUD Housing Counselor Certification Practice Questions with 100% Correct Answers Which is the maximum recommended housing ratio for renting an apartment? - Correct Answer ️️ -30% Eligibility requirements for down-payment assistance programs include which factors? - Correct Answer ️️ -Income, home-buyer education, purchase price The client is considering an FHA mortgage. What is the upfront mortgage insurance premium (UFMIP) for an FHA mortgage? - Correct Answer ️️ -1.75% If ...

HUD Housing Counselor CertificWhat is the maximum percent of area median income allowable for a household to qualify for a Housing Choice Voucher? - ANSWER 50% Which is the maximum recommended housing ratio for renting an apartment? - ANSWER 30% Eligibility requirements for down-payment assistance programs include which factors? - ANSWER Income, home-buyer education, purchase price The client is considering an FHA mortgage. What is the upfront mortgage insurance premium (UFMIP) for an ...

HUD Exam Prep Questions and Answers 100% Pass Conventional Loan - Correct Answer ️️ -Front end 28% Back end 36% can go up to 45% to 50%(debt to income), backed by private lenders. AKA prime loans. Good credit, 20% down payment. May have interest only terms FHA - Correct Answer ️️ -Front end 31% Back end 43% Limited funds, bad credit, bankruptcy, high debt to income ratio. EEM (Energy) FHA - Correct Answer ️️ -Front end 33% Back end 45% VA - Correct Answer ️️ -41% USDA -...