Hud counselor exam 2023 - Study guides, Class notes & Summaries

HUD Housing Counselor Module 4.1 & 4.2 Exam Questions & Answers 2023/2024 A potential homebuyer with a minimal savings for a down payment and a low credit score is most likely to qualify for which mortgage? - United States Department of Agriculture (USDA) - Federal Housing Administration (FHA) - Fannie Mae - Freddie Mac - ANSWER-Federal Housing Administration (FHA) Which is the most significant benefit of using a real estate agent? - Marketing the home online - Obtaining a home i...

HUD Housing Exam Questions & Answers 2023/2024 Which document should the counselor review with the client to identify spending habits and track expenses: - ANSWER-Bank statement Which additional information would the housing counselor need to prepare a household budget for this client? - ANSWER-Net income Which item in the client's budget is a fixed expense? - ANSWER-Car lease payment What is the maximum percent of area medium income allowable for a household to qualify for a Housin...

HUD Housing Exam Questions & Answers 2023/2024 Which document should the counselor review with the client to identify spending habits and track expenses: - ANSWER-Bank statement Which additional information would the housing counselor need to prepare a household budget for this client? - ANSWER-Net income Which item in the client's budget is a fixed expense? - ANSWER-Car lease payment What is the maximum percent of area medium income allowable for a household to qualify for a Housin...

HUD Housing Counselor Exam 2023 | 71 Questions and Answers 100% Complete

HUD Exam Prep Questions And Answers With Verified Solutions 2023 % 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 l...

HUD Housing Exam Questions with complete solution 2023 Which document should the counselor review with the client to identify spending habits and track expenses: - correct answer Bank statement Which additional information would the housing counselor need to prepare a household budget for this client? - correct answer Net income Which item in the client's budget is a fixed expense? - correct answer Car lease payment What is the maximum percent of area medium income allowabl...

HUD Housing Counselor Exam Question and answers 2023 verified to 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...

HUD Housing Counseling Exam 2023/2024 Back-end ratio 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 inco...

HUD Housing Counselor Module 2.1 & 2.2 Exam Questions Answers 2023/2024 What is the purpose of the Veterans Affairs Supportive Housing (VASH) program? - To end veteran homelessness - To provide rental vouchers for most veterans - To offer veterans the same benefits as the Housing Choice Voucher Program - To help veterans obtain a VA loan - ANSWER-To end veteran homelessness A client earns a salary of $45,000 at a job held for three years. The client has credit card bills, student...