Hud 2 - Study guides, Class notes & Summaries

HECM EXAM QUESTIONS AND ANSWERS LATEST 2024 (142 QUESTIONS). A Counseling Agency's failure to follow all basic requirements required by HUD could result in which of the following: A. Termination of agency's HUD approval B. Suspension of agency's HUD approval C. Forfeiture of remaining federal grant funds D. Fines and or imprisonment E. a , b , and c F. all of the above - ANSWER- E. Termination of agency's HUD approval Suspension of agency's HUD approval Forfeiture of remaining fe...

HUD Exa Question and answers correctly solved 2024 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 lease for a rental is typically between 20% of the monthly rent.. C. Closing costs are typically comprised of lender fees, discount points, title insurance, home inspection fees, escrow deposit, property taxes, private mortgage insura...

Lead-based paint (LBP) correct answers Any varnish, shallac, or coating that contains either- 1.0 mg/cm2 - 0.5 % by weight - 5000 ppm - Older instruments could not read accurately at 0.7, so the lead standard was updated to 1.0 Dust sample clearance values correct answers - Floors: 40 μg/ft2 > 10 μg/ft2 (10 μg/ft2 in NY) - Windows: 250 μg/ft2 > 100 μg/ft2 (50 μg/ft2 in NY) - Window wells (troughs): 400 μg/ft2 (100 μg/ft2 in NY) - Samples must be at 1 sq ft > 2 sq ft (can be r...

HUD HC Module 3 Question and answers already passed 2024Which describes the legally enforceable terms that govern the use of real estate? - Residential security restrictions - Deed restrictions - Redlined Maps - Government-sponsored deeds - correct answer Deed Restrictions Which is the practice of refusing to make residential loans or imposing more onerous terms on any loans made because of the predominant race, color, national origin, religion, sex, disability, or familial status ...

HUD Housing Counselor Exa1 Question and answers correctly solved 2024Default - correct answer Non payment of a mortgage debt. Typically considered this when a payment has not been made after 60-90 days. For FHA loans, it is only 30 days. Delinquent - correct answer At-least one full payment is past due (like if it is due the 1st, and it is now the 2nd) Judicial Foreclosure - correct answer Requires a court decision to execute the foreclosure. Typically a longer process than non-ju...

HUD 2023 Practice Exam Questions And Verified Answers

Hud 2024 Updated Exam Q&A A client, who is a divorced local school teacher, is interested in purchasing his first home. He wishes to stay in the same neighborhood where he now lives and to purchase a home in the low-$100,000 range. He currently leases a car for $435 a month and would like to buy a new car. The client has a lease on an apartment with his college friend. Their monthly rent on the apartment, which they split evenly, is $1,100. He has been working as a teacher for five ye...

HUD Housing Counselor Study for Exam Question and answers already passed 2024Front end ratio (parts) - correct answer Monthly Housing Expense / Gross Income Back End Ratio (parts) - correct answer Monthly housing+debt (on credit report - car loan, credit cards & etc) / Gross Income Renter Ratio - correct answer 30% / 36% Conventional Ratio - correct answer 28% / 36% FHA (Federal Housing Administration) Ratio - correct answer 31% / 43% EEM - Energy Efficent Mort - co...

A client, who is a divorced local school teacher, is interested in purchasing his first home. He wishes to stay in the same neighborhood where he now lives and to purchase a home in the low-$100,000 range. He currently leases a car for $435 a month and would like to buy a new car. The client has a lease on an apartment with his college friend. Their monthly rent on the apartment, which they split evenly, is $1,100. He has been working as a teacher for five years and earns $50,000 a year. His div...