HUD PRACTICE TEST QUESTIONS AND VERIFIED SOLUTIONS 2024/2025 GRADED A+. 2 / 7 1. Which document is most important when working with a client to developan initial budget as part of a Client Action Plan?: Pay Stub 2. A client would like to purchase a home within one year. The client is moti- vated to...
HUD PRACTICE TEST QUESTIONS AND VERIFIED
SOLUTIONS 2024/2025 GRADED A+
,HUD PRACTICE TEST QUESTIONS AND VERIFIED
SOLUTIONS 2024/2025 GRADED A+
Which document is most important when working with a
client to develop an initial budget as part of a Client Action
Plan? - Correct Answer-List of Assets
Retirement plan statement
Pay stub X
Current lease
A client would like purchase a home within one year. The
client is motivated to increase household income as a way to
save for a down payment and qualify for a loan. Which is the
best solution for the client to reach this goal? - Correct
Answer-
A credit report may contain which information? - Correct
Answer-Income history
Criminal record
# of accounts in collection status
A history of payments on an elctric bill
, HUD PRACTICE TEST QUESTIONS AND VERIFIED
SOLUTIONS 2024/2025 GRADED A+
A credit report contains inaccurate information. Which action
item should the counselor include in the Client Action Plan? -
Correct Answer-FIle a dispute with the appropaite credit
reporting agency
Six months ago a client left a job as a reporter to start a
business in the retail industry. To prepare to buy a house, the
client closed credit card accounts and has been using savings
to pay down credit card debt and collections. The client has
not been able to save much for a down payment with all the
debt payments but knows about an affordable
homeownership program that only requires a 1% down
payment with an FHA loan.
What might result from the client closing the credit card
accounts? - Correct Answer-
Which action would a client take to improve a credit score? -
Correct Answer-
A client does not receive a written monthly statement from
the credit card company. Which credit law could this omission
violate? - Correct Answer-FCBA
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