Bundle for HUD Housing Counselor Certification tests compilation | everything you need | verified

Adjustable Rate Mortgage (ARM) - 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. Adjusted Gros...

Which document should the counselor review with the client to identify spending habits and track expenses? A. Credit report B. Pay stubs C. Bank Statement D. Tax returns - Bank Statement Which additional information would the housing counselor need to prepare a household budget for this clien...

Civil Rights Act of 1866 - Federal law granting citizenship to former slaves; passed over Johnson's veto. (Race and Color) Fair Housing Act of 1968 - banned discrimination in the rental or sale of housing (Race, color, religion, national origin) Housing and Community Development Act of 1974 - a...

Civil Rights Act of 1866 - Federal law granting citizenship to former slaves; passed over Johnson's veto. (Race and Color) Fair Housing Act of 1968 - banned discrimination in the rental or sale of housing (Race, color, religion, national origin) Housing and Community Development Act of 1974 - a...

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 - tota...

Track Income Item to include in budget - Regular Salary, Temporary Jobs, Unemployment compensation, Public assistance Track Income Items not to include in budget - Pre-tax payroll deductions (Retirement funds, Flexible Spending account. Credit Score Documents to use for income - Paychecks, Dire...

What 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 - To end veteran homelessne...

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 - Pay stub A client would like purchase a home within one year. The client is motivated to increase househol...

Which document is most important when working with a client to develop an initial budget as part of a Client Action Plan? - List of Assets Retirement plan statement Pay stub X Current lease A client would like purchase a home within one year. The client is motivated to increase household incom...

% 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 ...