Budget mortgage - Study guides, Class notes & Summaries

What are NACA's Four Core Principles? Wear Their Shoes, Take Ownership, Check & Verify, & Be Relentless. Purchase Program NACA has developed a comprehensive housing counseling program where Members are prepared for homeownership and are qualified to obtain mortgage financing. This includes access to NACA's extraordinary mortgage product that makes affordable homeownership a reality - with no down payment, no closing costs, no fees, no mortgage insurance and a below market fixed interest...

Loan-to-Value Ratio (LTV) - ACCURATE ANSWERS The percentage of the lesser of the appraised value or sales price that the lender will lend. Ex: If a borrower is approved for an 80% loan, it means that the lender will loan up to 80% of the sales price or appraised value, whichever is lower. Package Mortgage - ACCURATE ANSWERS Includes both real and personal property ( fixtures and furnishings) Blanket Mortgage - ACCURATE ANSWERS Covers more than one piece of property. Wraparound Mortga...

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...

BUS 2204 Personal Finance Quiz 6 2024 Questions and Answers (Score 100% Graded). Marks 20.00/20.00 Grade 100.00 out of 100.00 Question 1 Correct Mark 1.00 out of 1.00 Question text If you buy a $200,000 home with 10% down payment, what will be your mortgage? Select one: a. $200,000 b. $180,000 c. $160,000 d. $140,000 e. $110,000 Feedback The correct answer is: $180,000 Question 2 Correct Mark 1.00 out of 1.00 Question text The purpose of disability insurance is to __________....

Which federal law requires that the Loan Estimate be provided to the borrower within three business days of the time of loan application is taken? - ANSWER-TILA What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains? - ANSWER-Loan flipping or churning After a loan closing, funds are disbursed. When are the funds disbursed for an owneroccupied, residential refinance? - ANSWER-After 3 business-day rescission period W...

Which document should the counselor review with the client to identify spending habits and track expenses? - Answer Bank Statement Which additional information would the housing counselor need to prepare a household budget for this client? - Answer Net income Which item in the client's budget is a fixed expense? - Answer Car lease payment What is the maximum percent of area median income allowable for a household to qualify for a Housing Choice Voucher? - Answer 50% Whic...

The amount the borrower makes prior to any deductions for taxes or insurance is: A) Guaranteed income B) Net income C) Gross income D) Gross margin - Gross income _______: In the Texas Constitution, a principle residence of a family or adult single person is protected from forced sale for all debt except: property taxes; federal tax liens of both spouses; a home equity lien.....etc... - Homestead ______ ______ ____: lenders use what is called a front-end ratio, which is reflected as a pe...

HUD Housing Counseling Exam Questions and Answers 100% Pass 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 - Correct Answer ️️ -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 - Correct Answer ️️ -Net In...

Loan-to-Value Ratio (LTV) - Answer The percentage of the lesser of the appraised value or sales price that the lender will lend. ex: If a borrower is approved for an 80% loan, it means that the lender will loan up to 80% of the sales price or appraised value, whichever is lower. Package Mortgage - Answer Includes both real and personal property ( fixtures and furnishings) Blanket Mortgage - Answer Covers more than one piece of property. Wraparound Mortgage - Answer Method of ...

HUD Practice Exam Questions and Answers 100% CorrectHUD Practice Exam Questions and Answers 100% CorrectHUD Practice Exam Questions and Answers 100% CorrectHUD Practice Exam Questions and Answers 100% CorrectA 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 cl...