HUD Housing Exam with accurate detailed || || || || || ||
solutions
Which document should the counselor review with the client to identify spending habits and track
|| || || || || || || || || || || || || || ||
expenses: - ✔✔Bank statement || || ||
Which additional information would the housing counselor need to prepare a household budget
|| || || || || || || || || || || || ||
for this client? - ✔✔Net income
|| || || || ||
Which item in the client's budget is a fixed expense? - ✔✔Car lease payment
|| || || || || || || || || || || || ||
What is the maximum percent of area medium income allowable for a household to qualify for a
|| || || || || || || || || || || || || || || || ||
Housing Choice Voucher? - ✔✔50% || || || ||
Which is the maximum recommended housing ratio for renting an apartment? - ✔✔30%
|| || || || || || || || || || || ||
Eligibility requirements for down payment assistance programs include which factors? -
|| || || || || || || || || || ||
✔✔Income, homebuyer education, and purchase price || || || || ||
The client is considering an FHA Mortgage. What is the upfront mortgage insurance premium
|| || || || || || || || || || || || || ||
(UFMIP) for an FHA mortgage? - ✔✔1.75% || || || || || ||
The client decides to purchase a townhouse through a down payment assistance program with a
|| || || || || || || || || || || || || || ||
recapture clause. Three years later, the client remarries, and his wife owns a single family home.
|| || || || || || || || || || || || || || || ||
Which situation might cause an accelerated loan payment? - ✔✔Client moves into wife's home
|| || || || || || || || || || || || || ||
and rents his townhouse to a tenant
|| || || || || ||
If the client was denied a mortgage loan and the lender told him to come back after his divorce has
|| || || || || || || || || || || || || || || || || || ||
been final for three years, what is the best advice the counselor can provide to the client? -
|| || || || || || || || || || || || || || || || || || ||
, ✔✔Contact the Federal Trade Commission as the lender's action might violate the Equal Credit
|| || || || || || || || || || || || || ||
Opportunity Act ||
A question from a lender on which topic would be inappropriate? - ✔✔Medical history
|| || || || || || || || || || || || ||
Which is a responsibility of a housing counselor? - ✔✔Educate homebuyers about their rights
|| || || || || || || || || || || || ||
In order to minimize the impact on the client's credit score, what is the maximum time frame
|| || || || || || || || || || || || || || || || ||
within which the client should apply for pre-approval from multiple lenders? - ✔✔30-day period.
|| || || || || || || || || || || || ||
Which is a responsibility of a home inspector? - ✔✔A) Evaluate condition of the home
|| || || || || || || || || || || || || ||
B) Examine medical systems
|| || || ||
C) identify items to be repaired or replaced
|| || || || || || ||
Which is the best reason a counselor would suggest that client speak to three to five difference
|| || || || || || || || || || || || || || || || ||
lenders before choosing one? - ✔✔So the client can compre loan estimates
|| || || || || || || || || || ||
Which is the best advice that a housing counselor can give to protect against identity theft? -
|| || || || || || || || || || || || || || || || ||
✔✔Review credit report at least once a year || || || || || || ||
The client tells the lender that he is expecting a raise soon. Which actions should the lender take?
|| || || || || || || || || || || || || || || || || ||
- ✔✔Provide a loan estimate without factoring in the raise
|| || || || || || || || ||
If the client obtains a mortgage of $100,000 typically how much should he expect to pay for
|| || || || || || || || || || || || || || || || ||
closing costs? - ✔✔$4k - 3-4% on average || || || || || || ||
The client is considering renting an apartment with a different landlord. Which would be an
|| || || || || || || || || || || || || || ||
upfront cost of living to the new apartment? - ✔✔Application fee
|| || || || || || || || || ||
solutions
Which document should the counselor review with the client to identify spending habits and track
|| || || || || || || || || || || || || || ||
expenses: - ✔✔Bank statement || || ||
Which additional information would the housing counselor need to prepare a household budget
|| || || || || || || || || || || || ||
for this client? - ✔✔Net income
|| || || || ||
Which item in the client's budget is a fixed expense? - ✔✔Car lease payment
|| || || || || || || || || || || || ||
What is the maximum percent of area medium income allowable for a household to qualify for a
|| || || || || || || || || || || || || || || || ||
Housing Choice Voucher? - ✔✔50% || || || ||
Which is the maximum recommended housing ratio for renting an apartment? - ✔✔30%
|| || || || || || || || || || || ||
Eligibility requirements for down payment assistance programs include which factors? -
|| || || || || || || || || || ||
✔✔Income, homebuyer education, and purchase price || || || || ||
The client is considering an FHA Mortgage. What is the upfront mortgage insurance premium
|| || || || || || || || || || || || || ||
(UFMIP) for an FHA mortgage? - ✔✔1.75% || || || || || ||
The client decides to purchase a townhouse through a down payment assistance program with a
|| || || || || || || || || || || || || || ||
recapture clause. Three years later, the client remarries, and his wife owns a single family home.
|| || || || || || || || || || || || || || || ||
Which situation might cause an accelerated loan payment? - ✔✔Client moves into wife's home
|| || || || || || || || || || || || || ||
and rents his townhouse to a tenant
|| || || || || ||
If the client was denied a mortgage loan and the lender told him to come back after his divorce has
|| || || || || || || || || || || || || || || || || || ||
been final for three years, what is the best advice the counselor can provide to the client? -
|| || || || || || || || || || || || || || || || || || ||
, ✔✔Contact the Federal Trade Commission as the lender's action might violate the Equal Credit
|| || || || || || || || || || || || || ||
Opportunity Act ||
A question from a lender on which topic would be inappropriate? - ✔✔Medical history
|| || || || || || || || || || || || ||
Which is a responsibility of a housing counselor? - ✔✔Educate homebuyers about their rights
|| || || || || || || || || || || || ||
In order to minimize the impact on the client's credit score, what is the maximum time frame
|| || || || || || || || || || || || || || || || ||
within which the client should apply for pre-approval from multiple lenders? - ✔✔30-day period.
|| || || || || || || || || || || || ||
Which is a responsibility of a home inspector? - ✔✔A) Evaluate condition of the home
|| || || || || || || || || || || || || ||
B) Examine medical systems
|| || || ||
C) identify items to be repaired or replaced
|| || || || || || ||
Which is the best reason a counselor would suggest that client speak to three to five difference
|| || || || || || || || || || || || || || || || ||
lenders before choosing one? - ✔✔So the client can compre loan estimates
|| || || || || || || || || || ||
Which is the best advice that a housing counselor can give to protect against identity theft? -
|| || || || || || || || || || || || || || || || ||
✔✔Review credit report at least once a year || || || || || || ||
The client tells the lender that he is expecting a raise soon. Which actions should the lender take?
|| || || || || || || || || || || || || || || || || ||
- ✔✔Provide a loan estimate without factoring in the raise
|| || || || || || || || ||
If the client obtains a mortgage of $100,000 typically how much should he expect to pay for
|| || || || || || || || || || || || || || || || ||
closing costs? - ✔✔$4k - 3-4% on average || || || || || || ||
The client is considering renting an apartment with a different landlord. Which would be an
|| || || || || || || || || || || || || || ||
upfront cost of living to the new apartment? - ✔✔Application fee
|| || || || || || || || || ||
