Hud housing exam stuvia - Study guides, Class notes & Summaries

Rental Obstacle + Solutions: Low Income - ANSWER--Some Renters reject people whose Rent would be more than 30% of GMI -Solutions -Apply for Housing Assistance -Expand housing search areas -Get a roommate -Move in w/family or friends Strategies for decreasing expenses and debt - ANSWER-Prioritize "needs over "wants" -reduce or eliminate "wants" -cancel or downgrade services(e.g. cable, telephone) -limit miscellaneous spending - stick to a shopping list - pay off a loan or credi...

Civil Rights Act of 1866 - ANSWER-Federal law granting citizenship to former slaves; passed over Johnson's veto. (Race and Color) Fair Housing Act of 1968 - ANSWER-banned discrimination in the rental or sale of housing (Race, color, religion, national origin) Housing and Community Development Act of 1974 - ANSWER-added gender (sex) to the protected classes Fair Housing Amendments Act of 1988 - ANSWER-Added Disability and familial status to protected classes. Real Estate Settlement a...

Back-end ratio - Answer 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 income equals 24%. Calculation: Deb...

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 - 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 - Answer Net Income Which item in the client's budget is a fixed expense? A. Food B. Gasoline C....

Back-end ratio - ANSWER-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 income equals 24%. Calculation: Deb...

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 Housing Choice Voucher? - ANSWER 50% Which is the max...

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 Housing Choice Voucher? - Answer 50% Which is the max...

HUD Exam- Homeownership Questions and Answers 100% CorrectHUD Exam- Homeownership Questions and Answers 100% CorrectHUD Exam- Homeownership Questions and Answers 100% CorrectWhich factor is best for housing counselors to use when determining how much a client can afford to spend on purchasing a home? A. Debt to-income ratios B. Annual gross income C. Savings D. Options A, B, C E. None of the above - ANSWER-D. Options A, B, and C A person or company that makes loans for real estate purch...

HUD Housing Counselor Exam Questions and Answers 100% CorrectHUD Housing Counselor Exam Questions and Answers 100% CorrectHUD Housing Counselor Exam Questions and Answers 100% Correct Adjustable Rate Mortgage (ARM) - 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 Inc...

HUD Exam - Housing Affordability Questions and Answers 100% Correct HUD Exam - Housing Affordability Questions and Answers 100% Correct HUD Exam - Housing Affordability Questions and Answers 100% Correct HUD Exam - Housing Affordability Questions and Answers 100% Correct All of the following are true statements about upfront costs associated with renting and buying, except; A. Renters generally pay a security deposit upon signing a lease. B. The average cost due upon signing a...