Exam (elaborations)
HUD Housing Counselor Certification Practice Exam (100% Correct Answers)
- Course
- Institution
HUD Housing Counselor Certification Practice Exam (100% Correct Answers)
[Show more]
Content preview
HUD Housing Counselor Certification Practice Exam (100% Correct Answers) What is the maximum percent of area median income allowable for a househo ld to qualify for a Housing Choice Voucher? 50% Which is the maximum recommended housing ratio for renting an apartment? 30% Eligibility requirements for down -payment assistance programs include which factors? Income, home -buyer education, purchase pri ce The client is considering an FHA mortgage. What is the upfront mortgage insurance premium (UFMIP) for an FHA mortgage? 1.75% If the client was denied a mortgage loan and the lender told him to come back after his divorce had been final for three years, what is the best advice for the housing counselor to provide to the client to report a violation to ECOA? Contact the Federal Tr ade Commission as the lender's action might violate the Equal Credit Opportunity Act A question from a lender on the client's Medical History would be inappropriate or appropriate? Inappropriate Who is responsible for educating home -buyers about their rights? Housing Counselor 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? A 30 -day period What are the responsibilities of a home inspector? Examine mechanical systems, Evaluate the condition of a home, Identify items to be repaired or replaced Which is the best reason that a housing counselor would suggest that a client speak to three to five different lenders? To compare loan est imates Which is the best advice that a housing counselor can give the client to protect against identity theft? Review credit report at least once per year The client tells the lender that he is expecting a raise soon. Should the Lender provide a Loan Estimate (LE) with, or without factoring the raise? Provide a loan estimate without factoring in the raise If this client obtains a mortgage of $100,000, typi cally, how much should he expect to pay for closing costs? $3000 to $4000 Is Application Fee an upfront cost of clients who are considering renting or buying a property? Renting A client wants to customize his home with do -it-yourself projects, this is an indication the client is best aligned with which housing option; Home -ownership or Renting? Home -ownership The client's gross monthly income is $4167 and the monthly debts are $435. What is the maximum mortgage payment (rounded to the nearest dollar) for which this client would qualify using a standard conventional loan? $1,065 NOTE: The maximum front -end ratio for a standard conventional loan is 28%, and the back -end ratio is 36%. The front -end ratio is calculated as 28% of the client's monthly incom e of $4,167, which is $1,167. The back -end ratio is calculated as 36% of the client's monthly income of $4,167 minus the client's monthly debt of $435, which equals $1,065. Therefore, the maximum loan payment that the client qualifies for is the lower of t he two numbers, which is $1,065. Which is the maximum debt -to-income ratio allowable for an FHA loan? 43% Which is the maximum debt -to-income ratio allowable for an FHA Energy Efficiency Mortgage loan? 45% The client's gross monthly income is $4167 and the monthly debts are $435. With a monthly mortgage payment of $950, which is the client's debt -to-income ratio (round to the nearest whole percent)? 33% The client's gross monthly income is $4167 and the mo nthly debts are $435. If the client seeks an FHA Energy Efficient Mortgage (EEM) loan, what is the maximum housing payment for which he can qualify (rounded to the nearest dollar)? $1,292 On which factor is a borrower's annual mortgage insurance premium (MIP) based? Current principal balance NOTE: The annual mortgage insurance premium (MIP) is based on the unpaid principal balance of the loan. The loan -to-value ratio is used to determine when private mortgage insurance (PMI) can be dropped from the loan. Credit scores do not affect MIP but might affect PMI. Which is the upfront mortgage insurance premium (UFMIP) if the client purchases a home with an FHA loan amount of $116,000? $2,030 The client only tracks bill payments. Which should the housing cou nselor recommend to help the client begin planning for a home purchase?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 ProfGoodlucK. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79650 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now