Hud 1 - Study guides, Class notes & Summaries

Which factor is best for housing counselors to use when determining how much a client can afford to spend on purchasing a home? A. Debt to-income ratios B. Annual gross income C. Savings D. Options A, B, C E. None of the above - Answer D. Options A, B, and C A person or company that makes loans for real estate purchases. "Loan officer" is a related term that refers to a representative of a lending or mortgage company who is responsible for soliciting homebuyers and for qualifying an...

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 informa...

HUD Housing Counseling Exam Correctly Solved 100% Correct!! Civil Rights Act of 1866 Federal law granting citizenship to former slaves; passed over Johnson's veto. (Race and Color) Fair Housing Act of 1968 banned discrimination in the rental or sale of housing (Race, color, religion, national origin) Housing and Community Development Act of 1974 added gender (sex) to the protected classes Fair Housing Amendments Act of 1988 Added Disability and familial status to protected classes. R...

HUD Housing Counseling Exam Correctly Solved 100% Correct!! Civil Rights Act of 1866 Federal law granting citizenship to former slaves; passed over Johnson's veto. (Race and Color) Fair Housing Act of 1968 banned discrimination in the rental or sale of housing (Race, color, religion, national origin) Housing and Community Development Act of 1974 added gender (sex) to the protected classes Fair Housing Amendments Act of 1988 Added Disability and familial status to protected classes. R...

Lead-based paint (LBP) correct answers Any varnish, shallac, or coating that contains either- 1.0 mg/cm2 - 0.5 % by weight - 5000 ppm - Older instruments could not read accurately at 0.7, so the lead standard was updated to 1.0 Dust sample clearance values correct answers - Floors: 40 μg/ft2 > 10 μg/ft2 (10 μg/ft2 in NY) - Windows: 250 μg/ft2 > 100 μg/ft2 (50 μg/ft2 in NY) - Window wells (troughs): 400 μg/ft2 (100 μg/ft2 in NY) - Samples must be at 1 sq ft > 2 sq ft (can be r...

HUD Housing Counseling Exam Correctly Solved 100% Correct!! Civil Rights Act of 1866 Federal law granting citizenship to former slaves; passed over Johnson's veto. (Race and Color) Fair Housing Act of 1968 banned discrimination in the rental or sale of housing (Race, color, religion, national origin) Housing and Community Development Act of 1974 added gender (sex) to the protected classes Fair Housing Amendments Act of 1988 Added Disability and familial status to protected classes. R...

HUD Test 1 Questions and Answers (Graded A+)HUD Test 1 Questions and Answers (Graded A+)HUD Test 1 Questions and Answers (Graded A+)HUD Test 1 Questions and Answers (Graded A+)HUD Test 1 Questions and Answers (Graded A+)HUD Test 1 Questions and Answers (Graded A+)HUD Test 1 Questions and Answers (Graded A+)HUD Test 1 Questions and Answers (Graded A+)HUD Test 1 Questions and Answers (Graded A+)HUD Test 1 Questions and Answers (Graded A+)HUD Test 1 Questions and Answers (Graded A+)HUD Test 1 Quest...

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 ce...

HUD Housing Counseling Exam Correctly Solved 100% Correct!!

Lead Inspector/Risk Assessor Latest Update Graded A+ Permanent abatement options include... Paint removal, component removal, enclosure, encapsulation Lead Inspector A certified individual who conducts a surface-by-surface investigation to determine the presence of lead-based paint. Lead-based paint 1 mg/cm2 5000micrograms/g = 5000ppm .5% by weight What is lead based paint? any surface coating containing at least 1 miligram per square centimeter of lead or .5% lead by weight...