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

HUD Exam Prep Questions With Verified Answers % Impact of Account Payment History on Credit Score - ANS 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 - ANS 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 - ANS 15% portion of score based don the ...

HUD Exam Prep Complete Solutions % Impact of Account Payment History on Credit Score ️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 ️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 ️15% portion of score based don the overall length of credit ...

Default - correct answerWhen no payments made after 60 to 90 days... 30 for FHA loans Front-End Ratio Equation - correct answerMonthly housing expenses/gross monthly income Front-End Ratio maximums - correct answer28% or less - conventional loan 31% or less for FHA, 30% or less for rentals Back-End Ratio (Debt-to-Income) Equation - correct answertotal monthly debt expenses/gross monthly income Back-End Ratio Caps - correct answer36% for conventional loans and renters, 43% for FHA, 4...

HUD Housing Counselor Prep Exam Questions & Answers What is the maximum percent of area median income allowable for a household to qualify for a Housing Choice Voucher? - ANSWER-50 % Maximum housing ratio to rent an apartment - ANSWER-30 % Eligibility requirements for downpayment assistance programs include which factors - ANSWER-Income, homebuyer education, purchase price The client is considering an FHA mortgage. What is the upfront mortgage insurance premium (UFMIP) for an FHA mor...

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...

Default - correct answerWhen no payments made after 60 to 90 days... 30 for FHA loans Front-End Ratio Equation - correct answerMonthly housing expenses/gross monthly income Front-End Ratio maximums - correct answer28% or less - conventional loan 31% or less for FHA, 30% or less for rentals Back-End Ratio (Debt-to-Income) Equation - correct answertotal monthly debt expenses/gross monthly income Back-End Ratio Caps - correct answer36% for conventional loans and renters, 43% for FHA, 4...

What is the maximum percent of area median income allowable for a household to qualify for a Housing Choice Voucher? - Answer 50 % Maximum housing ratio to rent an apartment - Answer 30 % Eligibility requirements for downpayment assistance programs include which factors - Answer Income, homebuyer education, purchase price The client is considering an FHA mortgage. What is the upfront mortgage insurance premium (UFMIP) for an FHA mortgage? - Answer 1.75% What is ECOA? - Answer Equal C...