Housing payment ratio - Study guides, Class notes & Summaries

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 Counselor Certification Practice (HUD Knowledge Assessment) with Complete Solutions HUD Housing Counselor Certification Practice (HUD Knowledge Assessment) with Complete Solutions HUD Housing Counselor Certification Practice (HUD Knowledge Assessment) with Complete Solutions What 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 apartm...

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...

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...

HUD Housing Counselor Certification Exam |120| questions with correct answers 100% verified What is the maximum percent of area median income allowable for a household to qualify for a Housing Choice Voucher? ANS-50% Which is the maximum recommended housing ratio for renting an apartment? ANS-30% Eligibility requirements for down-payment assistance programs include which factors? ANS-Income, home-buyer education, purchase price The client is considering an FHA mortgage. What is the upf...

Using the information provided, answer the following question: Sales price = $225,000 Seller Contribution = $6,000 Closing Costs = $5,580 Prepaids = $2,250 What is the cash-to-close? - $9,705 A refinance transaction resulting from a divorce settlement where either the borrower or the coborrower is required to "buy-out" the other party's interest in the mortgage property, is considered a rate and term refinance as long as the borrower who acquires sole ownership receives no cash out of ...

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 ...

Deed Restrictions Legally enforceable terms that govern the use of real estate Redlining The practice of refusing to make residential loans or imposing more onerous terms on any loans made because of the predominant race, color, national origin, religion, sex, disability, or familial status of the area's residents. Civil Rights Act of 1968 Following the assassination of Dr. Martin Luther King Jr., Congress passed what monumental piece of legislation, which prohibits discriminat...

HUD PRACTICE TEST QUESTIONS AND VERIFIED SOLUTIONS 2024/2025 GRADED A+. 2 / 7 1. Which document is most important when working with a client to developan initial budget as part of a Client Action Plan?: Pay Stub 2. A client would like to purchase a home within one year. The client is moti- vated to increase household income as a way to save for a down payment andqualify for a loan.Which is the best solution for the client to reach this goal?: Find a second job 3. A credit report may co...

Gold Coast Chapter 13: Although there are a number of different methods for repaying a loan, there are only 3 types of mortgages: - correct answer FHA insured; VA guaranteed; And conventional. FHA insured mortgage loans: - correct answer The Federal Housing Administration (FHA) is a part of the U.S Department of Housing and Urban Development (HUD). ***The FHA DOES NOT make loans. Instead, it insures loans made by approved local lenders. The loan is funded by a lending institution, su...