Hud counselor exam 2023 - Study guides, Class notes & Summaries

HUD Housing Counselor Exam Question and answers rated A+ 2023

HUD Housing Counselor Module 4.1 & 4.2 Exam Questions & Answers 2023/2024 A potential homebuyer with a minimal savings for a down payment and a low credit score is most likely to qualify for which mortgage? - United States Department of Agriculture (USDA) - Federal Housing Administration (FHA) - Fannie Mae - Freddie Mac - ANSWER-Federal Housing Administration (FHA) Which is the most significant benefit of using a real estate agent? - Marketing the home online - Obtaining a home i...

HUD Housing Exam Questions & Answers 2023/2024 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 medium income allowable for a household to qualify for a Housin...

HUD Exam Prep Questions And Answers With Verified Solutions 2023 % Impact of Account Payment History on Credit Score 35% portion of credit score based on the payment history of accounts, including late payments, delinquencies, judgments, and liens % Impact of Amounts Owed on Accounts on Credit Score 30% portion of score based on the ratio of total credit extended to the amount of credit owed % Impact of Length of Credit History on Credit Score 15% portion of score based don the overall l...

HUD Housing Counselor Exam 2023 | 71 Questions and Answers 100% Complete

HUD Housing Exam Questions with complete solution 2023 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 allowabl...

HUD Housing Counselor Exam Question and answers 2023 verified to pass Adjustable Rate Mortgage (ARM) - correct answer 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 - correct answer Gross income minus adjustments, or reductions, that one is eligible for, such as...

HUD Housing Counselor Module 2.1 & 2.2 Exam Questions Answers 2023/2024 What is the purpose of the Veterans Affairs Supportive Housing (VASH) program? - To end veteran homelessness - To provide rental vouchers for most veterans - To offer veterans the same benefits as the Housing Choice Voucher Program - To help veterans obtain a VA loan - ANSWER-To end veteran homelessness A client earns a salary of $45,000 at a job held for three years. The client has credit card bills, student...

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...