HUD Certification BUNDLED Exam 2023 with 100% correct answers

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

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. ...

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 B. Deed Restrictions -Deed restrictions are legally enforceable terms that govern the use of real estate. Deed...

A potential homebuyer with a minimal savings for a down payment and a low credit score is most likely to qualify for which mortgage? - United States Department of Agriculture (USDA) - Federal Housing Administration (FHA) - Fannie Mae - Freddie Mac Federal Housing Administration (FHA) W...

Which document is most important when working with a client to develop an initial budget as part of a Client Action Plan? - correct answerPay 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 q...

Which document is most important when working with a client to develop an initial budget as part of a Client Action Plan? - correct answerList 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 h...

Which document should the counselor review with the client to identify spending habits and track expenses: - correct answerBank statement Which additional information would the housing counselor need to prepare a household budget for this client? - correct answerNet income Which item in the cl...

the purpose of tracking your money - correct answerto help you achieve your financial goals documents to use when tracking income - correct answer- paychecks - direct deposit slips - if self-employed, income and expenses sheet - if self-employed, profit and loss statements - additional income...

A potential homebuyer with a minimal savings for a down payment and a low credit score is most likely to qualify for which mortgage? - United States Department of Agriculture (USDA) - Federal Housing Administration (FHA) - Fannie Mae - Freddie Mac - correct answerFederal Housing Administration...

Adjustable Rate Mortgage (ARM) - correct answerAdjustable 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. ...

Default - correct answerWhen no payments made after 60 to 90 days... 30 for FHA loans Front-End Ratio Equation - correct answerMonthly housing expenses/gross monthly income Front-End Ratio maximums - correct answer28% or less - conventional loan 31% or less for FHA, 30% or less for rentals ...

What act are limited english proficiency persons protected under? - correct answertitle VI of the civil rights act of 1964 Which act was passed in 1866? - correct answerthe civil rights act of 1866 What did the civil rights act of 1866 bill declare? - correct answer"all persons born in the Un...

What is the maximum percent of area median income allowable for a household to qualify for a Housing Choice Voucher? - correct answer50% Which is the maximum recommended housing ratio for renting an apartment? - correct answer30%

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% ...