Hud home ownership exam - Study guides, Class notes & Summaries

HUD Housing Counseling Exam ComplCivil 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 cla...

HUD Housing Counselor Certification Practice Exam |Question and Answer| 100% Correct 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...

Hud Certification Housing Counselor Final Exam 2024 Which document is most important when working with a client to develop an initial budget as part of a Client Action Plan? Pay stub Retirement plan statement List of assets Current lease - CORRECT ANSWER-Pay stub A client would like purchase a home within one year. The client is motivated to increase household income as a way to save for a down payment and qualify for a loan. Which is the best solution for the client to reach this g...

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

The SAFE Mortgage Loan Originator National Exam Study Guide practice Exam 2 Questions With 100% Correct Answers 1. Which of the following is NOT a loan origination activity? - answerC. Assisting in a loan modification 2. A unilateral contract is binding on: - answerA. One party 3. Loan originator organizations must keep compensation records for how many years? - answerC. Three 4. Mortgage companies must submit a residential loan origination activity report to the NMLSR every: - answerB....

Virginia Final Exam Questions with Correct Answers 2024 A void contract is one that is A. not in writing. B. voidable by only one of the parties. C. rescindable by agreement. D. not legally enforceable. - answerD. not legally enforceable. In order to be enforceable, real estate contracts must meet the legal requirements for contracts in general. For example, a contract signed by a minor or a "seller" who doesn't own the property in question was never legal to begin with and is thus ...

HECM Exam Questions and Answers 100% Correct What is the role of the Housing Counseling Agency in the HECM program? - Answer- Educate the consumer about the costs and benefits of the HECM program. What is home equity? - Answer- Home value minus liens on the home. In what two ways are HECM's different from "home equity loans"? - Answer- Do not have to be able to make monthly payments or make monthly payments. What is the Maximum Claim Amount on a HECM? - Answer- Lesser of the home value ...

The SAFE Mortgage Loan Originator National Exam Study Guide practice Exam 2 Questions With 100% Correct Answers 1. Which of the following is NOT a loan origination activity? - answerC. Assisting in a loan modification 2. A unilateral contract is binding on: - answerA. One party 3. Loan originator organizations must keep compensation records for how many years? - answerC. Three 4. Mortgage companies must submit a residential loan origination activity report to the NMLSR every: - answerB....

Final HUD Certification Exam |UPDATED!!| 100% Correct Which document is most important when working with a client to develop an initial budget as part of a Client Action Plan? Pay stub Retirement plan statement List of assets Current lease *Ans* Pay stub A client would like purchase a home within one year. The client is motivated to increase household income as a way to save for a down payment and qualify for a loan. Which is the best solution for the client to reach this goal? Fi...

NMLS Exam Questions with Correct A Acceleration Clause - Answer-Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed as predatory lending) Alienation Clause (Due on Sale Clause) - Answer-Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appraiser Independance Requirements replaced HVCC - Answer-home valuation code of conduct Due on Demand Clause - Answer-(Considered a predatory practice) The lender ...