HUD Housing Counselor Prep Exam Questions & Answers
What is the maximum percent of area median income allowable for a household to qualify for a Housing Choice Voucher? - ANSWER-50 %
Maximum housing ratio to rent an apartment - ANSWER-30 %
Eligibility requirements for downpayment assistanc...
HUD Housing Counselor Prep Exam Questions & Answers
What is the maximum percent of area median income allowable for a household to qualify for a Housing Choice Voucher? - ANSWER-50 %
Maximum housing ratio to rent an apartment - ANSWER-30 %
Eligibility requirements for downpayment assistance programs include which factors - ANSWER-Income, homebuyer education, purchase price
The client is considering an FHA mortgage. What is the upfront mortgage insurance premium (UFMIP) for
an FHA mortgage? - ANSWER-1.75%
What is ECOA? - ANSWER-Equal Credit Opportunity Act Federal lawa requires lender to make credit available to all protected characteristics
In order to minimize the impact on the client's credit score, what is the maximum time frame within which the client should apply for pre-approval from multiple lenders - ANSWER-30 days
Which is the best reason that a housing counselor would suggest that a client speak to three to five different lenders before choosing one? - ANSWER-compare loan estimates
Typical closing cost? - ANSWER-3-4 %
conventional front end and back end ratio? - ANSWER-28/36
FHA RATIOS? - ANSWER-31% and 43%
Maximum front end ratio FHA energy Efficient mortgage loan is ( - ANSWER-33% which factor is a borrower's annual mortgage insurance premium (MIP) based - ANSWER-current principal balance
The up-front mortgage insurance premium (UFMIP) for an FHA loan is - ANSWER-1.75%
How should a client apply for the housing choice voucher program? - ANSWER-public housing agency
how to apply for down payment assistance - ANSWER-HUD.GOv
ECOA violation? - ANSWER-contact FTC
what is pre-approval from lender - ANSWER-The lender commits to lend a fixed amount based on a review of the client's application
Down payment for a FHA loan? - ANSWER-3.5%
Which factor determines whether the client will have to pay private mortgage insurance versus mortgage insurance premium? - ANSWER-Private mortgage insurance (PMI) relates to conventional loans, and mortgage insurance premiums (MIP) are associated with FHA loans.
Which action taken by a housing counseling agency would affirmatively further fair housing? - ANSWER-
Create an outreach campaign designed to raise awareness about critical housing topics
The Fair Housing Act prohibits housing discrimination and protects ? - ANSWER-seven characteristics: race, religion, color, national origin, familial status, disability, and sex
client needs to replace old windows in her home? - ANSWER-FHA energy efficiency loan
After how many days can foreclosure proceedings begin if the client is not being evaluated for loss mitigation, and has missed payments on an FHA loan? - ANSWER-120 days
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Bensuda. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.49. You're not tied to anything after your purchase.
