Eem energy fha Study guides, Class notes & Summaries

Conventional Loan - correct answerFront 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 - correct answerFront end 31% Back end 43% Limited funds, bad credit, bankruptcy, high debt to income ratio. EEM (Energy) FHA - correct answerFront end 33% Back end 45% VA - correct answer41% USDA - correct answerFront End 29% Back End 41%, low-to-moderate income, must liv...

What is the maximum percent of area median income allowable for a household to qualify for a Housing Choice Voucher? - ANSWER 50% Which is the maximum recommended housing ratio for renting an apartment? - ANSWER 30% Eligibility requirements for down-payment assistance programs include which factors? - ANSWER Income, home-buyer education, purchase price The client is considering an FHA mortgage. What is the upfront mortgage insurance premium (UFMIP) for an FHA mortgage? - ANSWER 1.75% ...

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...

What act came about after the assassination of MLK? - ANSWER-The Civil Rights Act of 1968 A client does not receive a written monthly statement from the credit card company. Which credit law could this omission violate? - ANSWER-Fair Credit Billing Act In which situation would a client's responsibilities, recurring costs, and upfront costs be evaluated? - ANSWER-When weighing housing options A client works 40 hours a week making $15 an hour. What is the highest monthly mortgage the cli...

Front end ratio (parts) - Answer Monthly Housing Expense / Gross Income Back End Ratio (parts) - Answer Monthly housing+debt (on credit report - car loan, credit cards & etc) / Gross Income Renter Ratio - Answer 30% / 36% Conventional Ratio - Answer 28% / 36% FHA (Federal Housing Administration) Ratio - Answer 31% / 43% EEM - Energy Efficent Mort - Answer 33% / 45% VA - Answer 41% (must include child care with other debts) MIP - Answer Mortgage Insurance Premium FHA MIP A...

Which action would a client take to improve a credit score?Pay delinquent accountsA client does not receive a written monthly statement from the credit card company. Which credit lawcould this omission violate?Fair Credit Billing ActA client shopping for a mortgage loan presents a housing counselor with an offer from a local mortgagelender. The interest rate on the offer is 7.5% for a 30-year fixed rate mortgage with a 20% downpayment required. The counselor reviews the client file and determine...

Front end ratio (parts) - correct answerMonthly Housing Expense / Gross Income Back End Ratio (parts) - correct answerMonthly housing+debt (on credit report - car loan, credit cards & etc) / Gross Income Renter Ratio - correct answer30% / 36% Conventional Ratio - correct answer28% / 36% FHA (Federal Housing Administration) Ratio - correct answer31% / 43% EEM - Energy Efficent Mort - correct answer33% / 45% VA - correct answer41% (must include child care with other debts) MIP...

What act came about after the assassination of MLK? - Answer- The Civil Rights Act of 1968 A client does not receive a written monthly statement from the credit card company. Which credit law could this omission violate? - Answer- Fair Credit Billing Act In which situation would a client's responsibilities, recurring costs, and upfront costs be evaluated? - Answer- When weighing housing options A client works 40 hours a week making $15 an hour. What is the highest monthly mortgage the ...

HUD Exam Prep Already Graded A+ 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 payment, competitive ...

HUD Housing Counselor Module 2 Question and answers correctly solved 2024What 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 - correct 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...