Hud exam prep 2023 - Study guides, Class notes & Summaries

HUD EXAM PREP WITH COMPLETE SOLUTIONS HUD EXAM PREP WITH COMPLETE SOLUTIONS HUD EXAM PREP WITH COMPLETE SOLUTIONS Types of Credit Used - ANSWER-Student loan or credit cards only FAKO scores - ANSWER-purchase score which are educational score Fair Credit Reporting Act FCRA - ANSWER-what is in file/dispute/remove 30 days/remove bad 7 yrs/bk 10 yrs/access limited/damages from violators/state rights

HUD Exam Prep 2023 Questions and Answers (2023/2024) (Verified Answers)

Types of Credit Used - ANSWER-Student loan or credit cards only FAKO scores - ANSWER-purchase score which are educational score Fair Credit Reporting Act FCRA - ANSWER-what is in file/dispute/remove 30 days/remove bad 7 yrs/bk 10 yrs/access limited/damages from violators/state rights Fair and Accurate Credit Transactions Act FACTA - ANSWER-free cbrs/fraud alert/truncate cc #s Fair Credit Billing Act (FCBA) - ANSWER-dispute bill error/mail 60 days/creditor 30 days acknowledge and 90 d...

Types of Credit Used Student loan or credit cards only FAKO scores purchase score which are educational score Fair Credit Reporting Act FCRA what is in file/dispute/remove 30 days/remove bad 7 yrs/bk 10 yrs/access limited/damages from violators/state rights Fair and Accurate Credit Transactions Act FACTA free cbrs/fraud alert/truncate cc #s Fair Credit Billing Act (FCBA) dispute bill error/mail 60 days/creditor 30 days acknowledge and 90 days research. billed tim...

% Impact of Account Payment History on Credit Score - correct answer35% portion of credit score based on the payment history of accounts, including late payments, delinquencies, judgments, and liens % Impact of Amounts Owed on Accounts on Credit Score - correct answer30% portion of score based on the ratio of total credit extended to the amount of credit owed % Impact of Length of Credit History on Credit Score - correct answer15% portion of score based don the overall length of credit...

Conventional Loan - correct answerFront end 28% Back end 36% can go up to 45% to 50%(debt to income), backed by private lenders. AKA prime loans. Good credit, 20% down payment. May have interest only terms FHA - correct answerFront end 31% Back end 43% Limited funds, bad credit, bankruptcy, high debt to income ratio. EEM (Energy) FHA - correct answerFront end 33% Back end 45% VA - correct answer41% USDA - correct answerFront End 29% Back End 41%, low-to-moderate income, must liv...

% Impact of Account Payment History on Credit Score - correct answer35% portion of credit score based on the payment history of accounts, including late payments, delinquencies, judgments, and liens % Impact of Amounts Owed on Accounts on Credit Score - correct answer30% portion of score based on the ratio of total credit extended to the amount of credit owed % Impact of Length of Credit History on Credit Score - correct answer15% portion of score based don the overall length of credit...

Types of Credit Used Student loan or credit cards only FAKO scores purchase score which are educational score Fair Credit Reporting Act FCRA what is in file/dispute/remove 30 days/remove bad 7 yrs/bk 10 yrs/access limited/damages from violators/state rights Fair and Accurate Credit Transactions Act FACTA free cbrs/fraud alert/truncate cc #s

Conventional Loan - correct answerFront end 28% Back end 36% can go up to 45% to 50%(debt to income), backed by private lenders. AKA prime loans. Good credit, 20% down payment. May have interest only terms FHA - correct answerFront end 31% Back end 43% Limited funds, bad credit, bankruptcy, high debt to income ratio. EEM (Energy) FHA - correct answerFront end 33% Back end 45% VA - correct answer41% USDA - correct answerFront End 29% Back End 41%, low-to-moderate income, must liv...