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HUD Housing Counselor Exam Questions & Answers 2023/2024 $8.49   Add to cart

Exam (elaborations)

HUD Housing Counselor Exam Questions & Answers 2023/2024

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HUD Housing Counselor Exam Questions & Answers 2023/2024 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 pre-determined intervals for the life of the loan. Int...

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  • June 29, 2023
  • 8
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers
  • HUD Housing Counselor
  • HUD Housing Counselor
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HUD Housing Counselor Exam Questions & Answers 2023/2024
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 pre-determined intervals for the life of the loan. Interest rates can increase or decrease when adjusted.
Adjusted Gross Income - ANSWER-Gross income minus adjustments, or reductions, that one is eligible for, such as deductions for unreimbursed business expenses, tuition and fees, and contributions to certain retirement accounts.
AFFH - ANSWER-Affirmatively Furthering Fair Housing
AFHMP - ANSWER-Affirmative Fair Housing Marketing Plan
Analysis of Impediments (AI) - ANSWER-Analysis of Impediments is a review of impediments or barriers that affect the rights of fair housing choice. It covers public and private policies, practices, and procedures affecting housing choice. Impediments to fair housing choice are defined as any actions, omissions, or decisions that restrict, or have the effect of restricting, the availability of housing choices, based on race, color, religion, sex, disability, familial status, or national origin. The AI supports fair housing planning; provides essential information to policy makers, administrative staff, housing providers, lenders, and fair housing advocates; and assists in building public support for fair housing efforts.
Area Median Income (AMI) - ANSWER-The midpoint in the family income range for a metropolitan statistical area or for the non-metropolitan parts of a state. Determined annually by HUD, the figure often is used as a basis to stratify incomes into very low, low, moderate, and above moderate. Frequently
used to determine income eligibility for various housing programs.
Arrearages - ANSWER-The total amount of past due payments owed to a lender from a borrower in mortgage payments or to a landlord from a tenant in rental payments. Also called arrears.
Assistance Animal - ANSWER-An assistance animal is not considered a pet. it is an animal that works, provides assistance, or performs tasks for the benefit of a person with a disability, or provides emotional support that alleviates one or more identifies symptoms or effects of a person's disability. For purposes of reasonable accommodation requests, the Fair Housing Act does not require an assistance animal to be
individually trained or certified. While dogs are the most common type of assistance animal, other animals can also be assistance animals.
Association Dues - ANSWER-Charged by a community or Homeowners Association to pay for repairs, upkeep, landscaping, improvements, and property management.
Back-End Ratio - ANSWER-A rate that calculates a borrower's total monthly debt, including housing and other debt obligations, as a percentage of gross monthly income. Frequently used by lenders to qualify borrowers for a mortgage. Also called a debt-to-income ratio.
Balloon Payment - ANSWER-An oversize payment due at the end of a mortgage.
Blockbusting - ANSWER-To convince, or attempt to convince, a person to sell or rent a dwelling because of the entry, or prospective entry, into the neighborhood of a person or persons of a particular race, color, religion, sex, familial status, national origin, or with a disability.
Cash-for-keys - ANSWER-An alternative to a legal eviction following foreclosure. The occupant receives cash funds from the servicer in exchange for turning in the keys and vacating the property. Certain conditions apply, such as returning the property in broom-clean condition and with all appliances.
CDBG - ANSWER-Community Development Block Grant
CFPB - ANSWER-Consumer Financial Protection Bureau
Closing Costs - ANSWER-Fees for final property transfer that are not included in the price of the property.
Typical closing costs can include loan origination fees, discount points, appraisal fee, survey, title insurance, legal fees, real estate professional fees, prepayments of taxes and insurance, etc. While closing costs often range from 3% to 4% of the purchase price of the home, they can be lower or higher depending on the geographic region or loan type.
Collection - ANSWER-An account in default with an original creditor and sold to a third-party debt collector that will continue attempts to collect past due payments.

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