Area median income ami Study guides, Class notes & Summaries

Housing Counselor Exam accurate100%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, 4...

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...

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

HUD Housing Counselor Exam Question and answers 2023/2024 verified to passAdjustable Rate Mortgage (ARM) - correct 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 - correct answer Gross income minus adjustments, or reductions, that one is eligible for, such a...

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...

Adjustable Rate Mortgage (ARM) Correct 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 Correct Answer Gross income minus adjustments, or reductions, that one is eligible for, such as deductions for unreimbursed business expenses, tuition and fees, and contributions...

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

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...

Rental Obstacle + Solutions: Low Income - ANSWER -Some Renters reject people whose Rent would be more than 30% of GMI -Solutions -Apply for Housing Assistance -Expand housing search areas -Get a roommate -Move in w/family or friends Strategies for decreasing expenses and debt - ANSWER Prioritize "needs over "wants" -reduce or eliminate "wants" -cancel or downgrade services(e.g. cable, telephone) -limit miscellaneous spending - stick to a shopping list - pay off a loan or credi...

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