HUD Certification TESTS COMPILATION BUNDLE

% Impact of Account Payment History on Credit Score Correct Answer: 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 Correct Answer: 30% portion of score bas...

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...

Which document is most important when working with a client to develop an initial budget as part of a Client Action Plan? Correct Answer: Pay Stub A client would like to purchase a home within one year. The client is motivated to increase household income as a way to save for a down payment and ...

Adjustable Rate Mortgage (ARM) Correct Answer: Adjustable rate mortgages have an initial rate that applies for a defined period of time (typically from one month to 10 years), then adjusts at pre-determined intervals for the life of the loan. Interest rates can increase or decrease when adjusted. ...

Rental Obstacle + Solutions: Low Income Correct Answer: -Some Renters reject people whose Rent would be more than 30% of GMI -Solutions -Apply for Housing Assistance -Expand housing search areas -Get a roommate -Move in w/family or friends Strategies for decreasing expenses and debt Correc...

Types of Credit Used Correct Answer: Student loan or credit cards only FAKO scores Correct Answer: purchase score which are educational score Fair Credit Reporting Act FCRA Correct Answer: what is in file/dispute/remove 30 days/remove bad 7 yrs/bk 10 yrs/access limited/damages from violator...

What is the maximum percent of area median income allowable for a household to qualify for a Housing Choice Voucher? Correct Answer: 50% Which is the maximum recommended housing ratio for renting an apartment? Correct Answer: 30% Eligibility requirements for down-payment assistance programs ...

Federal law granting citizenship to former slaves; passed over Johnson's veto. (Race and Color) Correct Answer: Civil Rights Act of 1866 banned discrimination in the rental or sale of housing (Race, color, religion, national origin) Correct Answer: Fair Housing Act of 1968 added gender (sex...

Which describes the legally enforceable terms that govern the use of real estate? A. Residential security restrictions B. Deed restrictions C. Redlined Maps Government-sponsored deeds Correct Answer: B. Deed Restrictions -Deed restrictions are legally enforceable terms that govern the use of r...

Jake has a session with a new client, Ruth, later that day. She has received notice that her apartment complex, which offers her project-based housing assistance, will be sold to a new management company in six months. The new company will renovate the building and will no longer participate in the ...

Which document should the counselor review with client to identify spending habits and track expenses? Correct Answer: Bank Statement Which additional information would the housing counselor need to prepare a household budget? Correct Answer: Net Income What is the maximum percent of area me...