HUD STUDY COMPLETE Questions And Answers bundled

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 ar...

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 Since the car is paid off, the expense does not need to be included in t...

The following contributed to the increase in foreclosure rates, except: A. Subprime lending B. Risky loan products with feature like negative amortization C. Demand from the secondary market D. Homeowners paying off mortgages early E. Using teaser rates to qualify more borrowers. - Answer-D. Ho...

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

Primary function of HUD - Answer-Creating and managing programs to provide quality affordable housing, prevent housing discrimination and help build sustainable communities. HUD investigates complaints of housing discrimination based on? - Answer-Race Color Religion National Origin Sex Disabi...

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 t...

Conventional Loan - Answer-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 - Answer-Front end 31% Back end 43% Limited funds, bad credit, bankruptcy, high debt to inco...

2nd mort/piggy back loan - Answer-lower 1st mort, avoid private morg ins, repairs, education 1896 Plessy v. Ferguson - Answer-ruled that segregation was allowed, as long as the facilities were "separate but equal" 1933 Home Owners Loan Corporation (HOLC) - Answer-Conress to avoid foreclosures d...

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

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

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...

Adjustable Rate Mortgage (ARM) - 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 predetermined intervals for the life of the loan. Interest rates can increase or decrease when adjusted. Adjusted...

% Impact of Account Payment History on Credit Score - 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 - Answer-30% portion of score based on the ratio of...

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