Hud homeownership exam - Study guides, Class notes & Summaries

HUD Practice Exam |Question and Answer| 100% Correct Which document is most important when working with a client to develop an initial budget as part of a Client Action Plan? *Ans* 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? *Ans* A cr...

HUD Exam 2023 - Homeownership ...

The SAFE Mortgage Loan Originator National Exam Study Guide practice Exam 2 Questions With 100% Correct Answers 1. Which of the following is NOT a loan origination activity? - answerC. Assisting in a loan modification 2. A unilateral contract is binding on: - answerA. One party 3. Loan originator organizations must keep compensation records for how many years? - answerC. Three 4. Mortgage companies must submit a residential loan origination activity report to the NMLSR every: - answerB....

HUD Exam - Avoiding Foreclosure Questions & Answers 2023/2024 The following contributed to the increase in foreclosure rates, except: A. Subprime lending B. Risky loan products with feature like negative amortization C. Demand from the secondary market D. Homeowners paying off mortgages early E. Using teaser rates to qualify more borrowers. - ANSWER-D. Homeowners paying off mortgages early. Making Home Affordable was created in order: A. To make it easier for borrowers to understand...

HUD Practice Exam Questions and Answers 100% Pass 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? -...

HUD Housing Exam Questions and Answers 100% Pass Which document should the counselor review with the client to identify spending habits and track expenses: - Correct Answer ️️ -Bank statement Which additional information would the housing counselor need to prepare a household budget for this client? - Correct Answer ️️ -Net income Which item in the client's budget is a fixed expense? - Correct Answer ️️ -Car lease payment What is the maximum percent of area medium income allo...

HUD Practice Exam Verified Answers Which document is most important when working with a client to develop an initial budget as part of a Client Action Plan? 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? A credit report may contain w...

HUD Practice Exam Correct Questions and Answers(RATED A) Which document is most important when working with a client to develop an initial budget as part of a Client Action Plan? - 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? - ANS...

HUD Housing Exam Verified Solution 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 medium income allowable for a household to qualify for a Housing Choice Voucher? ️50% W...

HUD Housing Counseling Exam 100% correct Back-end ratio - ANSWER The back-end ratio (or debt-to-income ratio) compares total debt to gross monthly income. The client's only debt is a $435 lease payment, so the $950 mortgage payment brings his total monthly debt to $1,385. He earns $50,000 per year, which equals $4,166.67 per month. The client's total current expenses divided by gross monthly income equals 52%. The client's combined current housing payment and car payment divided by gross mo...