Hud house counseling - Study guides, Class notes & Summaries

Housing Counselor Exam - Pre Assessment Questions With Complete Solutions. Which is an eligibility factor for the Earned Income Tax Credit? Receiving wages Which situation most likely indicates a loan modification scam? The client receives a letter from a company guaranteeing a loan modification Which was instituted by Congress to better protect homebuyers following the most recent housing crisis Consumer Finance Protection Bureau 121 Which is an example of a change enacted by Consume...

HUD Exam Prep (verified)2023Conventional Loan Front end 28% Back end 36% can go up to 45% to 50%(debt to income), backed by private lenders. AKA prime loans. Good credit, 20% down payment. May have interest only terms FHA Front end 31% Back end 43% Limited funds, bad credit, bankruptcy, high debt to income ratio. EEM (Energy) FHA Front end 33% Back end 45% VA 41% USDA Front End 29% Back End 41%, low-to-moderate income, must live rural area, no down payment, ...

CR26 - Reg Z Reverse Mortgages Questions and answers 2023 (verified)B FB2B0E2D96FC4319B64C1E5F4E711CE5 Not answered. The correct answer is B. A, C, and D are incorrect because they are all advantages of a reverse mortgage. 1. While a reverse mortgage sounds like a great idea, they are not suitable for every borrower. There are several disadvantages to reverse mortgages. Which option is a disadvantage? A. Gives the borrower a stream of income B. Higher up front costs and higher interest C...

Florida real estate business (2022/2023) Already Graded A Florida real estate Residential property in Florida is a family home that is a single family dwelling, a duplex, a triplex (3units) or a quad (4 units) or vacant land that has been zoned for 4 units or less. Farm/Agriculture residential is a family home on less than 10 acres land. Commercial property is income producing property such as a retail center or an apartment complex of more than four units. The real estate professional must be a...

Which of the following is not true concerning ECOA? It requires lenders to notify loan applicants of their application status within 30 days Its provisions are implemented by Regulation B It requires lenders to give borrowers a copy of their appraisal and a notice stating they are entitled to a copy of the appraisal It requires the disclosure of the APR on all advertisements which contain an interest rate - ANSWER-The answer is it requires the disclosure of the APR on all advertiseme...

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 Exam Prep, latest updated Conventional Loan Front end 28% Back end 36% can go up to 45% to 50%(debt to income), backed by private lenders. AKA prime loans. Good credit, 20% down payment. May have interest only terms FHA Front end 31% Back end 43% Limited funds, bad credit, bankruptcy, high debt to income ratio. EEM (Energy) FHA Front end 33% Back end 45% VA 41% USDA Front End 29% Back End 41%, low-to-moderate income, must live rural area, no down paymen...

EXAM 9(HECM)questions and answers 2023All of the following are true regarding the counselor who meets with a prospective borrower for a reverse mortgage, except: A. The counselor explains the cost of the loan and the financial implications of obtaining it. B. The counselor is paid only if the borrower goes through with the reverse mortgage. C. At the end of the session, the counselor will provide a required certification of counseling. D. The counselor will provide guidance and advice on s...

Champions Real Estate Exam: Law of Agency Exam review guide_2022/2023. This person hires an agent The agent works on behalf of this person - This type of agency allows for the greatest range of authority - This is provided to the agent when there is written documentation that the agency relationship exists. - This is the most limited of all the agency relationships - This type of agency is created when a 3rd party believes that an agent has authority that has NOT been granted...

Florida MLO Test 2024 Updated Questions With Verified Complete Answers || 72 Pages || Graded A+ The Consumer Financial Protection Bureau (CFPB) - ANSWER CFPB plays an important part in consumer protection through its financial institution oversight and consumer education. The CFPB directly impacts the mortgage loan industry as well as other financial service industries both depository and nondepository. The CFPB is the primary federal regulator for non-depository mortgage...