Hud housing exam stuvia - Study guides, Class notes & Summaries

Default - Answer When no payments made after 60 to 90 days... 30 for FHA loans Front-End Ratio Equation - Answer Monthly housing expenses/gross monthly income Front-End Ratio maximums - Answer 28% or less - conventional loan 31% or less for FHA, 30% or less for rentals Back-End Ratio (Debt-to-Income) Equation - Answer total monthly debt expenses/gross monthly income Back-End Ratio Caps - Answer 36% for conventional loans and renters, 43% for FHA, 45% for Energy Efficiency Mortgage l...

HUD Housing Counselor Study for Exam – JLM with Complete SolutionsHUD Housing Counselor Study for Exam – JLM with Complete SolutionsHUD Housing Counselor Study for Exam – JLM with Complete SolutionsHUD Housing Counselor Study for Exam – JLM with Complete Solutions Front end ratio (parts) - ANSWER-Monthly Housing Expense / Gross Income Back End Ratio (parts) - ANSWER-Monthly housing+debt (on credit report - car loan, credit cards & etc) / Gross Income Renter Ratio - ANSWER-30% / 36...

Which document should the counselor review with the client to identify spending habits and track expenses: - ANSWER-Bank statement Which additional information would the housing counselor need to prepare a household budget for this client? - ANSWER-Net income Which item in the client's budget is a fixed expense? - ANSWER-Car lease payment What is the maximum percent of area medium income allowable for a household to qualify for a Housing Choice Voucher? - ANSWER-50% Which is the max...

Adjustable Rate Mortgage (ARM) - ANSWER Adjustable rate mortgages have an initial rate that applies for a defined period of time (typically from one month to 10 years), then adjusts at pre-determined intervals for the life of the loan. Interest rates can increase or decrease when adjusted. Adjusted Gross Income - ANSWER Gross income minus adjustments, or reductions, that one is eligible for, such as deductions for unreimbursed business expenses, tuition and fees, and contributions to certain ...

All of the following are true statements about upfront costs associated with renting and buying, except; A. Renters generally pay a security deposit upon signing a lease. B. The average cost due upon signing a lease for a rental is typically between 20% of the monthly rent.. C. Closing costs are typically comprised of lender fees, discount points, title insurance, home inspection fees, escrow deposit, property taxes, private mortgage insurance, and attorney's fees. D. A client who desires...

HUD EXAM PREP - FAIR HOUSING QUESTIONS AND ANSWERS 100% CORRECTHUD EXAM PREP - FAIR HOUSING QUESTIONS AND ANSWERS 100% CORRECTHUD EXAM PREP - FAIR HOUSING QUESTIONS AND ANSWERS 100% CORRECTHUD EXAM PREP - FAIR HOUSING QUESTIONS AND ANSWERS 100% CORRECT

HUD Housing Counselor Study for Exam – JLM with Complete Solutions! HUD Housing Counselor Study for Exam – JLM with Complete Solutions! HUD Housing Counselor Study for Exam – JLM with Complete Solutions! HUD Housing Counselor Study for Exam – JLM with Complete Solutions! HUD Housing Counselor Study for Exam – JLM with Complete Solutions! HUD Housing Counselor Study for Exam – JLM with Complete Solutions! HUD Housing Counselor Study for Exam – JLM with ...

HUD Exam HUD Exam - Fair Housing Questions and Answers 100% VerifiedHUD Exam - Fair Housing Questions and Answers 100% VerifiedHUD Exam - Fair Housing Questions and Answers 100% VerifiedFair Housing Questions and Answers 100% Verified Which describes the legally enforceable terms that govern the use of real estate? A. Residential security restrictions B. Deed restrictions C. Redlined Maps Government-sponsored deeds - ANSWER-B. Deed Restrictions -Deed restrictions are legally enforceable te...

Adjustable Rate Mortgage (ARM) - Answer Adjustable rate mortgages have an initial rate that applies for a defined period of time (typically from one month to 10 years), then adjusts at pre-determined intervals for the life of the loan. Interest rates can increase or decrease when adjusted. Adjusted Gross Income - Answer Gross income minus adjustments, or reductions, that one is eligible for, such as deductions for unreimbursed business expenses, tuition and fees, and contributions to certain ...

HUD Exam - Housing Affordability Questions and Answers 100% Correct HUD Exam - Housing Affordability Questions and Answers 100% Correct HUD Exam - Housing Affordability Questions and Answers 100% Correct All of the following are true statements about upfront costs associated with renting and buying, except; A. Renters generally pay a security deposit upon signing a lease. B. The average cost due upon signing a lease for a rental is typically between 20% of the monthly rent.. C. Cl...