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HUD CERTIFICATION EXAM 2024 | ACTUAL CURRENTLY TESTING REAL EXAM VERSIONS WITH A STUDY GUIDE | ACCURATE AND EXPERT VERIFIED FOR GUARANTEED PASS | LATEST UPDATE€18,85
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HUD CERTIFICATION EXAM 2024 | ACTUAL CURRENTLY TESTING REAL EXAM VERSIONS WITH A STUDY GUIDE | ACCURATE AND EXPERT VERIFIED FOR GUARANTEED PASS | LATEST UPDATE
HUD CERTIFICATION EXAM 2024 | ACTUAL CURRENTLY
TESTING REAL EXAM VERSIONS WITH A STUDY GUIDE |
ACCURATE AND EXPERT VERIFIED FOR GUARANTEED
PASS | LATEST UPDATE
HUD CERTIFICATION EXAM 2024 | ACTUAL CURRENTLY TESTING REAL EXAM VERSIONS WITH A STUDY GUIDE | ACCURATE AND EXPERT VERIFIED FOR GUARANTEED PASS | LATEST UPDATE What is the back -end ratio for a client with a monthly housing expense of $1,250, a monthly total of $88 in other consumer debt payments, and a gross household income of $4,460 p er month (rounded to the nearest whole percent)? -29% -30% -31% -32% 30% A client earns a salary of $45,000 at a job held for three years. The client has credit card bills, student loans, and a car loan totaling $500 per month. The client has already save d $3,500 for a down payment and is using an FHA Energy Efficient Mortgage (EEM). If the client wants to make the minimum down payment for a home priced at $150,000, how much more does the client need to save? -$1,750 -$2,250 -$4,500 -$5,250 $1,750 Under which condition would most down payment assistance programs approve a waiver of the home -ownership education requirement? -Most will not waive the home -ownership education requirement -When the home -buyer has successfully passed a home -ownership exam -Whe n the home -buyer has a verifiable disability or handicap -When the home -buyer has completed four years of college Most will not waive the home -ownership education requirement Which type of assistance administered by a public housing authority allows for lo cation flexibility? -USDA -FHA -Project -based vouchers -Tenant -based vouchers Tenant -based vouchers A client's payment history affects which factor of creditworthiness? -Collateral -Capacity -Character -Capital Character Which action may a lender take to determine a borrower's character? -Calculate housing ratios to see debt obligations. -Examine pay stubs to determine amount of income. -Review the appraisal. -Call an employer to verify employment. Call an employer to verify employment. A client is in the process of purchasing a home with a sales price of $162,000. The client has a net worth of $50,000, a credit score of 680, and a debt -to-income ratio of 36%. The home has appraised for $155,000. Whi ch factor of creditworthiness will most likely be an obstacle to purchasing the home? -Character -Capital -Collateral -Capacity Collateral When a lender inquires about how much money a borrower has saved for a down payment on a home, what factor is being considered? -Character -Collateral -Capital -Capacity Capital A first -time buyer wants a conventional loan but does not have the assets to qualify. This client may have to purchase with an FHA loan unless the client saves more money. Which of the Four C's of Credit does this involve? -Capacity -Character -Capital -Collateral Capital Which describes a home -buyer who would be ineligible as a first -time home -buyer, as defined by most down payment assistance programs? A client who sold a home five years ago for a net profit. A client who lost a home to foreclosure two years ago. A client who leases out units in a cousin's rental property. A client who lives in a home owned by the client's parents. Which step does a home -buyer complete in the process of purcha sing a home? Get a home assessment Get a home inspection Select the appraiser Purchase life insurance Get a home inspection A counselor's understanding of the client's spending habits and use of credit are most important in which step of the home -buying p rocess? Evaluating housing affordability for the client Obtaining financing Making an offer on a home Determining if home -ownership is right for the client Evaluating housing affordability for the client Which charge cannot change from the Loan Estimate t o the Closing Disclosure? Initial deposit for the escrow amount Fees paid to lender Daily interest charge Government recording charge Which is the minimum qualifying credit score for an FHA mortgage if the client made a 3.5% down payment? 540 580 600 640 580 A client has saved money for a small down payment and closing costs to purchase a $100,000 home in the city. The client is deciding whether to begin the home -buying process now or continue saving for a larger down payment. Client Profile ► Credit Sco re - 700 ► Monthly income - $3,000 ► Savings - $15,000 Types of Loans - LTV (%) ► Traditional conventional loan - 80% ► Conventional/piggyback - 80%/10% ► Conventional loan - 90% ► FHA loan - 96.5% Which loan type would provide the highest monthly paymen t, assuming interest rates and other factors are equal? Conventional/piggyback FHA loan Conventional loan Traditional conventional loan A client, who is the surviving spouse of a military service member, is interested in buying a home. The client now work s at a local nonprofit agency, making $36,000 per year. The client has $4,000 in savings and a credit score of 624. If a client has just received a commitment from a lender to provide a loan for a fixed loan amount based on a review of the complete loan a pplication package by an underwriter, in what stage of the lending process is the client? Loan committee review Pre-approval Pre-qualification Loan application What are key differences between PMI and MIP? Conventional loans may require MIP, removed at 7 8% LTV. FHA loans require PMI, removed upon fulfillment of loan terms.
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