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HUD Housing Counseling Exam (115 Questions) With 100% Correct Verified Answers
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HUD Housing Counseling Exam (115 Questions) With 100% Correct Verified Answers
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HUD Housing Counseling Exam (115 Questions) With 100% Correct Verified Answers Which document should the counselor review with the client to identify spending habits and track expenses? A. Credit report B. Pay stubs C. Bank Statement D. Tax returns –CORRECT ANSWER: Bank Statement Which additional information would the housing counselor need to prepare a household budget for this client? A. Net Income B. Lease Documentation C. Credit Score D. Bankruptcy Discharge - CORRECT ANSWER: Net Income Which item in the client's budget is a fixed expense? A. Food B. Gasoline C. Car Lease Payment D. Utilities - CORRECT ANSWER: Car Lease Payment What is the maximum percent of area median income allowable for household to qualify for a Housing Choice Voucher? - CORRECT ANSWER: 50% Which is the the maximum recommended housing ratio for renting an apartment? - CORRECT ANSWER: 30% Eligibility requirements for down payment assistance programs include which factors? - CORRECT ANSWER: Income, homebuyer education, purchase price The client is considering an FHA mortgage. What is the upfront mortgage premium (UFMIP) for a FHA mortgage? - CORRECT ANSWER: 1.75% The client decides to purchase a townhouse through a down payment assistanc e program with a recapture clause. Three years later, the client remarries, and his wife owns a single family home. Which situation might cause accelerated loan payment? A. Client moves to his wife's home and the townhouse loan is assumed by an eligible buyer. B. Client's wife moves into the townhouse. C. Client moves to his wife's home and rents his townhouse to a tenant. - CORRECT ANSWER: Client moves to his wife's home and rents his townhouse to a tenant If a client was denied a mortgage loan and the lender told him to come back after his divorce has been final for three years, what is the best advice for the housing counselor to provide to the client? A. Contact the FTC as the lender's action might violate the Equal Credit Opportunity Act. B. Conta ct the local fair housing center as the lender's action might violate the Fair Housing Act. - CORRECT ANSWER: Contact the FTC as the lender's action might violate the Equal Credit Opportunity Act A question from a lender on which topic would be inappropr iate? - CORRECT ANSWER: Medical History What is the responsibility of a housing counselor? - CORRECT ANSWER: 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? - A 30 -day period Which is a responsibility of a home inspector? - CORRECT ANSWER: 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 three to five different lenders before choosing one? - CORRECT ANSWER: So the client can compare loan estimates Which is the best advice that a housing counselor can giv e the client to protect against identity theft? - CORRECT ANSWER: 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? - CORRECT ANSWER: Provide a loan estimate wi thout factoring in the raise If the client obtains a mortage of $100,000, typically, how much should he expect to pay for closing costs? A. $400 B. $12,000 C. $4,000The benefits of buying summaries with Stuvia:
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