Hud counselor exam prep Study guides, Class notes & Summaries

HUD Exam Prep QUESTIONS AND DETAILED ANSWERS GRADE A+ WELL UPDATED! 1.1.1) All of the following would help a counselor develop a realistic household budget, except: A. Payment information for a paid-off car B. Amount spent on groceries C. Rent payment information D. Monthly cable bill - ANSWER-A 1.1.2) All of the following are reasons why it is important for a client to track income and expenses before finalizing a budget, except: A. It helps show clients ...

HUD Exam Prep Questions And Answers % Impact of Account Payment History on Credit Score - answer35% portion of credit score based on the payment history of accounts, including late payments, delinquencies, judgments, and liens % Impact of Amounts Owed on Accounts on Credit Score - answer30% portion of score based on the ratio of total credit extended to the amount of credit owed % Impact of Length of Credit History on Credit Score - answer15% portion of score based don the overall length ...

Housing Counselor Exam Prep Questions & Answers Already Passed!! Default When no payments made after 60 to 90 days... 30 for FHA loans Front-End Ratio Equation Monthly housing expenses/gross monthly income Front-End Ratio maximums 28% or less - conventional loan 31% or less for FHA, 30% or less for rentals Back-End Ratio (Debt-to-Income) Equation total monthly debt expenses/gross monthly income Back-End Ratio Caps 36% for conventional loans and renters, 43% for FHA, 45% for Energy E...

Housing Counselor Exam Prep Questions & Answers Already Passed!! Default When no payments made after 60 to 90 days... 30 for FHA loans Front-End Ratio Equation Monthly housing expenses/gross monthly income Front-End Ratio maximums 28% or less - conventional loan 31% or less for FHA, 30% or less for rentals Back-End Ratio (Debt-to-Income) Equation total monthly debt expenses/gross monthly income Back-End Ratio Caps 36% for conventional loans and renters, 43% for FHA, 45% for Energy E...

Housing Counselor Exam Prep Questions & Answers Already Passed!! Default When no payments made after 60 to 90 days... 30 for FHA loans Front-End Ratio Equation Monthly housing expenses/gross monthly income Front-End Ratio maximums 28% or less - conventional loan 31% or less for FHA, 30% or less for rentals Back-End Ratio (Debt-to-Income) Equation total monthly debt expenses/gross monthly income Back-End Ratio Caps 36% for conventional loans and renters, 43% for FHA, 45% for Energy E...

HUD Exam Prep fully solved latest 2023% Impact of Account Payment History on Credit Score 35% portion of credit score based on the payment history of accounts, including late payments, delinquencies, judgments, and liens % Impact of Amounts Owed on Accounts on Credit Score 30% portion of score based on the ratio of total credit extended to the amount of credit owed % Impact of Length of Credit History on Credit Score 15% portion of score based don the overall length of credit...

HUD Exam Prep Questions and Answers with Complete Solutions % Impact of Account Payment History on Credit Score 35% portion of credit score based on the payment history of accounts, including late payments, delinquencies, judgments, and liens % Impact of Amounts Owed on Accounts on Credit Score 30% portion of score based on the ratio of total credit extended to the amount of credit owed % Impact of Length of Credit History on Credit Score 15% portion of score based don the overall length of cr...

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...