Area median income ami Study guides, Class notes & Summaries
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HUD Housing Counselor Exam Tested And Graded A+
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HUD Housing Counselor Exam Tested And Graded A+ 
Adjustable Rate Mortgage (ARM) ANS-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 ANS-Gross income minus adjustments, or reductions, that one is eligible for, such as deductions for unreimbursed business expenses, tuition ...
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HUD Housing Counselor Exam Questions With Accurate Answers
- Exam (elaborations) • 12 pages • 2024
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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...
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HUD Housing Counselor Exam Questions and Answers(RATED A)
- Exam (elaborations) • 7 pages • 2024
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HUD Housing Counselor Exam Questions and Answers(RATED 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 busines...
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HUD Housing Counselor Exam Questions with 100 % correct answers
- Exam (elaborations) • 8 pages • 2024
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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 predetermined 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 
certain ...
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HUD Housing Counselor Exam Questions and Answers 100% Pass
- Exam (elaborations) • 11 pages • 2024
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HUD Housing Counselor Exam 
Questions and Answers 100% Pass 
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...
Want to regain your expenses?
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HUD Counseling Exam - Module 2.2 Housing Options EXAM WITH SOLUTIONS 100%
- Exam (elaborations) • 9 pages • 2024
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what are the three loan options? - ANSWER 1. conventional mortgage loans 
2. subprime mortgage loans 
3. government-insured mortgage loans 
explain a conventional mortgage loan - ANSWER the most common type of mortgage 
and is backed by private lenders; offers competitive rates and comes in "conforming" 
mortgage amounts and less common "non-conforming," or jumbo mortgage amounts; 
30-year fixed is most common but it can also come in 15-year and 10-year mortgages 
what is a "conforming" mo...
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HUD Housing Counselor Exam 2023 with 100% correct answers
- Exam (elaborations) • 8 pages • 2023
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Adjustable Rate Mortgage (ARM) 
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 
Gross income minus adjustments, or reductions, that one is eligible for, such as deductions for unreimbursed business expenses, tuition and fees, and contributions to certain retirement a...
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Housing Counselor Exam Prep Questions & Answers Already Passed!!
- Exam (elaborations) • 8 pages • 2024
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Housing Counselor Exam Prep Questions & Answers Already Passed!! 
 
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 E...
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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 Housing Counselor Exam Questions & Answers(RATED A+)
- Exam (elaborations) • 7 pages • 2024
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Available in package deal
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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 certain ...
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