Hud home ownership exam Study guides, Class notes & Summaries

Final HUD Certification Exam |UPDATED!!| 100% Correct Which document is most important when working with a client to develop an initial budget as part of a Client Action Plan? Pay stub Retirement plan statement List of assets Current lease *Ans* Pay stub A client would like purchase a home within one year. The client is motivated to increase household income as a way to save for a down payment and qualify for a loan. Which is the best solution for the client to reach this goal? Fi...

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...

NMLS Exam Practice Questions With Answers - Latest Updated 2023-2024. Lender has how many days after settlement to refund any portion of charges on the HUD-1 that exceeded the acceptable variance - ANSWER 30 days TILA disclosure must be given to the applicant within how many days after receiving the signed loan application for a reverse mortgage - ANSWER 3 business days Truth in lending disclosure must be delivered within how many business days prior to closing a reverse mortgage - ANSWER ...

Real Estate Exam Questions and Answers 100% Pass A corporation is a legal entity (an artificial person); therefore, real estate owned by the corporation is owned in - Correct Answer ️️ -severalty A person who receives title to real property through a last will and testament is called a - Correct Answer ️️ -devisee Tom, Rick, and Harry own a house. When Rick dies, his heirs receive his share of the ownership interest. What type of co-ownership did Tom, Rick, and Harry have? - Corre...

Basic Appraisal Procedures Exam with 100% Correct Answers When developing an appraisal, you calculate the following GRMs for comparable properties: 94.3, 90.1, 95.6, 109.2, 84.5, 100.7, 99.9. What is the mean of the GRMs? - Answer-96.3 "The process of valuing a universe of properties as of a given date using standard methodology, employing common data, and allowing for statistical testing" is the definition of -Answer-mass appraisal What is the most common type of framing currently bei...

NMLS Exam Questions With Answers Latest Updated 2023-2024 Graded A+. A lender has how many days to refund excessive variances on a Closing Disclosure? - ANSWER 60 days Lender has how many days after settlement to refund any portion of charges on the HUD-1 that exceeded the acceptable variance - ANSWER 30 days TILA disclosure must be given to the applicant within how many days after receiving the signed loan application for a reverse mortgage - ANSWER 3 business days Truth in lending disclo...

HECM Exam Questions and Answers 100% Correct What is the role of the Housing Counseling Agency in the HECM program? - Answer- Educate the consumer about the costs and benefits of the HECM program. What is home equity? - Answer- Home value minus liens on the home. In what two ways are HECM's different from "home equity loans"? - Answer- Do not have to be able to make monthly payments or make monthly payments. What is the Maximum Claim Amount on a HECM? - Answer- Lesser of the home value ...

Xinnix Ground School Exam Questions and Answers 100% Pass Flipping is a scheme where several people each purchase a property within the neighborhood and then sell the properties to one another, inflating the price of the home with each sale. - Answer- False YTD paystubs will be requires from a borrower that is self-employed (schedule C) - Answer- False A borrower requesting a jumbo loan will qualify for an agency loan - Answer- False Trailing spouse income can be used for qualifying purp...

Final Exam Hud Certification Study Test annihilation of space by law (don mitchell) - CORRECT ANSWER-elimination of space to live, sit, and take care of oneself if there is no house or home to do so; outlawed sleeping in public places, panhandling, bathing in public bathrooms; does nothing to address systemic issues; favoring image over needs of people core housing - CORRECT ANSWER-core structure where a family could live while they built out the rest of their home - UN strategy that w...

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...