Hud exam stuvia - Study guides, Class notes & Summaries
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HUD Exam Prep Complete Questions & Answers(Latest Update 2024)
- Exam (elaborations) • 37 pages • 2024
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% 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 the overall length of credit history in the repor...
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HUD Certification Exam 2024 Questions and Answers (Graded A)
- Exam (elaborations) • 9 pages • 2024
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HUD Certification Exam 2024 Questions and Answers (Graded A) 
 
HUD Certification Exam 2024 Questions and Answers (Graded A) 
 
HUD Certification Exam 2024 Questions and Answers (Graded A) 
 
 
Deed Restrictions - ANSWER-Legally enforceable terms that govern the use of real estate 
 
Redlining - ANSWER-The practice of refusing to make residential loans or imposing more onerous terms on any loans made because of the predominant race, color, national origin, religion, sex, disability, or familial ...
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HUD Housing Counseling Exam 100% Correct
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Back-end ratio - ANSWER The back-end ratio (or debt-to-income ratio) compares total debt to gross monthly income. The client's only debt is a $435 lease payment, so the $950 mortgage payment brings his total monthly debt to $1,385. He earns $50,000 per year, which equals $4,166.67 per month. The client's total current expenses divided by gross monthly income equals 52%. The client's combined current housing payment and car payment divided by gross monthly income equals 24%. 
Calculation: 
Deb...
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HUD Housing Counseling Exam Complete Questions and Answers(RATED A)
- Exam (elaborations) • 29 pages • 2024
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Civil Rights Act of 1866 - ANSWER Federal law granting citizenship to former slaves; passed over Johnson's veto. (Race and Color) 
 
Fair Housing Act of 1968 - ANSWER banned discrimination in the rental or sale of housing (Race, color, religion, national origin) 
 
Housing and Community Development Act of 1974 - ANSWER added gender (sex) to the protected classes 
 
Fair Housing Amendments Act of 1988 - ANSWER Added Disability and familial status to protected classes. 
 
Real Estate Settlement a...
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HUD 2024 Practice Exam accurate Questions & Answers(RATED A+)
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A client, who is a divorced local school teacher, is interested in purchasing his first home. He wishes to stay in the same neighborhood where he now lives and to purchase a home in the low-$100,000 range. He currently leases a car for $435 a month and would like to buy a new car. The client has a lease on an apartment with his college friend. Their monthly rent on the apartment, which they split evenly, is $1,100. He has been working as a teacher for five years and earns $50,000 a year. His div...
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HUD Certification Exam with Answers 2023/2024
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HUD Certification Exam with Answers 2023/2024 
 
Deed Restrictions correct answerLegally enforceable terms that govern the use of real estate 
 
Redlining correct answerThe practice of refusing to make residential loans or imposing more onerous terms on any loans made because of the predominant race, color, national origin, religion, sex, disability, or familial status of the area's residents. 
 
Civil Rights Act of 1968 correct answerFollowing the assassination of Dr. Martin Luther King Jr., C...
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HUD EXAM PREP COMPLETE QUESTIONS & ANSWERS(RATED A+)
- Exam (elaborations) • 21 pages • 2024
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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...
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HUD Exam Questions and Answers 100% Correct(GRADED A+)
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Telephone Customer Services: - ANSWER-Assistance provided by the financial institution over the phone to help customers with banking complications. 
 
Mobile Banking: - ANSWER-Allows clients to utilize banking services with mobile technology. Services often included in mobile banking include a view of up-to-date transactions, fund transfers, or remote check deposits. 
 
Overdraft Fee - ANSWER-Fee charged when an account does not have enough money to cover a purchase and the financial institution...
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HUD Housing Counseling Exam Questions & Answers 100% Correct
- Exam (elaborations) • 63 pages • 2024
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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...
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HUD Exam Prep 2024 Questions and Answers 100% Correct
- Exam (elaborations) • 14 pages • 2024
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HUD Exam Prep 2024 Questions and Answers 100% CorrectHUD Exam Prep 2024 Questions and Answers 100% CorrectHUD Exam Prep 2024 Questions and Answers 100% CorrectHUD Exam Prep 2024 Questions and Answers 100% Correct 
 
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, ...
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