Exam (elaborations)
HUD Test 1/159 Questions and Answers/A+ Graded
- Course
- Institution
HUD Test 1/159 Questions and Answers/A+ Graded
[Show more]
Seller
Follow
Victorious23
Reviews received
Content preview
HUD Test 1/159 Questions andAnswers/A+ Graded
Which document should the counselor review with the client to identify
spending habits and track expenses? - -Bank Statement
-Which additional information would the housing counselor need to prepare
a household budget for this client? - -Net income
-Which item in the client's budget is a fixed expense? - -Car lease payment
-What is the maximum percent of area median income allowable for a
household to qualify for a Housing Choice Voucher? - -50%
-Which is the maximum recommended housing ratio for renting an
apartment? - -30%
-Eligibility requirement for down payment assistance programs include
which factors? - -Income, homebuyer education, purchase price
-The client is considering an FHA mortgage. What is the upfront mortgage
insurance premium (UFMIP) for a FHA mortgage? - -1.75% (UFMIP)
-The annual MIP (Mortgage Insurance Premium) for FHA mortgages ranges? -
-between 0.8% and 1.05%.
-USDA loans charge up front Grantee Fee ? - -2%
-The client decides to purchase a townhouse through a down payment
assistance program with a recapture clause. Three years later, the client
remarries, and his wife owns a single family home. Which situation might
cause an accelerated loan payment? - -Client moves to his wife's home and
rents his townhouse to tenant
-If the client was denied a mortgage loan and the lender told him to come
back after his divorce had been final for 3 years, what is the best advice for
the housing counselor to provide to the client? - -Contact the Federal Trade
Commission as the lender's action might violate the Equal Credit Opportunity
Act.
-A question from a lender on which topic would be inappropriate? - -Medical
history
, -Which is a responsibility of a housing counselor? - -Educate homebuyers
about their rights
-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? - -30 days period
-Which is a responsibility of a home inspector? - -*Evaluate the condition of
a home
*Examine mechanical systems
*Identify items to be repaired or replaced
-Which is the best reason that a housing counselor would suggest that a
client speak to 3 to 5 different lenders before choosing one? - -the client can
compare loan estimates
-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. Which action
should the lender take? - -Provide a loan estimate without factoring in the
raise
-Average closing costs rage? - -3% and 4%
-The client is considering renting an apartment with a different landlord.
Which would be an upfront cost of moving to the new apartment? - -
Application fee
-The client is second-guessing his decision to buy a home, so the counselor
asks a series of questions. Which response would best align with the
homewonership option for this client? - -Client wants to customize his home
with do-it- yourself projects
-Maximum Front-end ration for a standard convention loan % ? - -28%
-Front-end ratio - -monthly housing expenses / Gross monthly income
매달 income 에 housing expenses 의 %
-Back-end ratio(Debt to income)for a standard convention loan % ? - -
maximum 36%
-Back - end ratio - -Total monthly debt expense/ Gross monthly income
매달 income 에 Debt 의 %
-Back-end ratio(Debt to income) for a standard FHA loan % ? - -41%-43%
, maximum 43%
If FHA Energy Efficiency Mortgage can 45%
-Maximum Front-end ration for a standard FHA loan % ? - -31%
-How to calculate maximum monthly housing expense? - -front-end ratio x
Gross income
-Which steps should housing counselor take to assess the client's readiness
to purchase a home? - --Assess funds available for upfront coasts
-Calculate debt-to-income ratio
-Determine maximum housing payment
-On which factor is a borrower's annual mortgage insurance premium (MIP)
based? - -Current principal balance
-Loan to Value Ratio - -LTV ratio= Mortgage Amount (MA)/ Appraised
Property Value (APV)
Calculated by amount of loan compared to the value of property
Best LTV ratio= 80% or lower
EX) LTV 75%
75% Mortgage 가 낸돈
25% 내가 낸돈
-Private Mortgage insurance - -Less 20% down payment required
-Mortgage Insurance Premium - -Less 20 % down payment FHA Loan
required
Hard to do cancellation
-The client only tracks bill payments. Which should the housing counselor
recommend to help the client begin planning for a home purchase? - -Track
all income and expense
-How should a client apply for the Housing Choice Voucher Program? - -
Contact the local Public Housing Authority
-What are Housing Choice Vouchers? - -very low-income families to choose
and lease or purchase safe, decent, and affordable privately-owned rental
housing.
-Which website provides information on programs to assist homebuyers with
down payment assistance? - -HUD.gov
-Based on the client's income, saving, and credit score of 700, which
mortgage option is likely best for her? - -Conventional loan
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 Victorious23. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72349 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now