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

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

2nd mort/piggy back loan - Answer-lower 1st mort, avoid private morg ins, repairs, education 1896 Plessy v. Ferguson - Answer-ruled that segregation was allowed, as long as the facilities were "separate but equal" 1933 Home Owners Loan Corporation (HOLC) - Answer-Conress to avoid foreclosures during great depression/refinance mort in default 1948 Shelly v Kraemer - Answer-deed restrictions deemed illegal 1954 Brown v. Board of Education - Answer-This famous Supreme Court case over turned...

Conventional Loan - Answer-Front 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 - Answer-Front end 31% Back end 43% Limited funds, bad credit, bankruptcy, high debt to income ratio. EEM (Energy) FHA - Answer-Front end 33% Back end 45% VA - Answer-41% USDA - Answer-Front End 29% Back End 41%, low-to-moderate income, must live rural area, no down payment, competitive...

HUD Exam Prep Questions with Complete Solutions

HUD Exam Prep Questions And Answers

HUD Exam Prep Questions & Answers 2023/2024 % Impact of Account Payment History on Credit Score - ANSWER-35% 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 - ANSWER-30% 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 - ANSWER-15% portion of score based don th...

HUD Exam Prep