HUD Housing Counselor Exam with || || || || ||
verified detailed answers || ||
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 accounts.
|| ||
AFFH - ✔✔Affirmatively Furthering Fair Housing
|| || || || ||
AFHMP - ✔✔Affirmative Fair Housing Marketing Plan
|| || || || || ||
Analysis of Impediments (AI) - ✔✔Analysis of Impediments is a review of impediments or
|| || || || || || || || || || || || || ||
barriers that affect the rights of fair housing choice. It covers public and private policies,
|| || || || || || || || || || || || || || ||
practices, and procedures affecting housing choice. Impediments to fair housing choice are
|| || || || || || || || || || || ||
defined as any actions, omissions, or decisions that restrict, or have the effect of restricting, the
|| || || || || || || || || || || || || || || ||
availability of housing choices, based on race, color, religion, sex, disability, familial status, or
|| || || || || || || || || || || || || ||
national origin. The AI supports fair housing planning; provides essential information to policy
|| || || || || || || || || || || || ||
makers, administrative staff, housing providers, lenders, and fair housing advocates; and assists in
|| || || || || || || || || || || ||
building public support for fair housing efforts.
|| || || || || || ||
Area Median Income (AMI) - ✔✔The midpoint in the family income range for a metropolitan
|| || || || || || || || || || || || || || ||
statistical area or for the non-metropolitan parts of a state. Determined annually by HUD, the
|| || || || || || || || || || || || || || ||
figure often is used as a basis to stratify incomes into very low, low, moderate, and above
|| || || || || || || || || || || || || || || || ||
moderate. Frequently used to determine income eligibility for various housing programs.
|| || || || || || || || || ||
Arrearages - ✔✔The total amount of past due payments owed to a lender from a borrower in
|| || || || || || || || || || || || || || || || ||
mortgage payments or to a landlord from a tenant in rental payments. Also called arrears.
|| || || || || || || || || || || || || ||
, Assistance Animal - ✔✔An assistance animal is not considered a pet. it is an animal that works,
|| || || || || || || || || || || || || || || || ||
provides assistance, or performs tasks for the benefit of a person with a disability, or provides
|| || || || || || || || || || || || || || || ||
emotional support that alleviates one or more identifies symptoms or effects of a person's
|| || || || || || || || || || || || || ||
disability. For purposes of reasonable accommodation requests, the Fair Housing Act does not
|| || || || || || || || || || || || ||
require an assistance animal to be individually trained or certified. While dogs are the most
|| || || || || || || || || || || || || || ||
common type of assistance animal, other animals can also be assistance animals.
|| || || || || || || || || || ||
Association Dues - ✔✔Charged by a community or Homeowners Association to pay for repairs,
|| || || || || || || || || || || || || ||
upkeep, landscaping, improvements, and property management.
|| || || || ||
Back-End Ratio - ✔✔A rate that calculates a borrower's total monthly debt, including housing
|| || || || || || || || || || || || || ||
and other debt obligations, as a percentage of gross monthly income. Frequently used by lenders
|| || || || || || || || || || || || || || ||
to qualify borrowers for a mortgage. Also called a debt-to-income ratio.
|| || || || || || || || || ||
Balloon Payment - ✔✔An oversize payment due at the end of a mortgage.
|| || || || || || || || || || || ||
Blockbusting - ✔✔To convince, or attempt to convince, a person to sell or rent a dwelling
|| || || || || || || || || || || || || || || ||
because of the entry, or prospective entry, into the neighborhood of a person or persons of a
|| || || || || || || || || || || || || || || || ||
particular race, color, religion, sex, familial status, national origin, or with a disability.
|| || || || || || || || || || || ||
Cash-for-keys - ✔✔An alternative to a legal eviction following foreclosure. The occupant || || || || || || || || || || || ||
receives cash funds from the servicer in exchange for turning in the keys and vacating the
|| || || || || || || || || || || || || || || ||
property. Certain conditions apply, such as returning the property in broom-clean condition and
|| || || || || || || || || || || || ||
with all appliances.
|| ||
CDBG - ✔✔Community Development Block Grant
|| || || || ||
CFPB - ✔✔Consumer Financial Protection Bureau
|| || || || ||
Closing Costs - ✔✔Fees for final property transfer that are not included in the price of the
|| || || || || || || || || || || || || || || || ||
property. Typical closing costs can include loan origination fees, discount points, appraisal fee,
|| || || || || || || || || || || || ||
verified detailed answers || ||
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 accounts.
|| ||
AFFH - ✔✔Affirmatively Furthering Fair Housing
|| || || || ||
AFHMP - ✔✔Affirmative Fair Housing Marketing Plan
|| || || || || ||
Analysis of Impediments (AI) - ✔✔Analysis of Impediments is a review of impediments or
|| || || || || || || || || || || || || ||
barriers that affect the rights of fair housing choice. It covers public and private policies,
|| || || || || || || || || || || || || || ||
practices, and procedures affecting housing choice. Impediments to fair housing choice are
|| || || || || || || || || || || ||
defined as any actions, omissions, or decisions that restrict, or have the effect of restricting, the
|| || || || || || || || || || || || || || || ||
availability of housing choices, based on race, color, religion, sex, disability, familial status, or
|| || || || || || || || || || || || || ||
national origin. The AI supports fair housing planning; provides essential information to policy
|| || || || || || || || || || || || ||
makers, administrative staff, housing providers, lenders, and fair housing advocates; and assists in
|| || || || || || || || || || || ||
building public support for fair housing efforts.
|| || || || || || ||
Area Median Income (AMI) - ✔✔The midpoint in the family income range for a metropolitan
|| || || || || || || || || || || || || || ||
statistical area or for the non-metropolitan parts of a state. Determined annually by HUD, the
|| || || || || || || || || || || || || || ||
figure often is used as a basis to stratify incomes into very low, low, moderate, and above
|| || || || || || || || || || || || || || || || ||
moderate. Frequently used to determine income eligibility for various housing programs.
|| || || || || || || || || ||
Arrearages - ✔✔The total amount of past due payments owed to a lender from a borrower in
|| || || || || || || || || || || || || || || || ||
mortgage payments or to a landlord from a tenant in rental payments. Also called arrears.
|| || || || || || || || || || || || || ||
, Assistance Animal - ✔✔An assistance animal is not considered a pet. it is an animal that works,
|| || || || || || || || || || || || || || || || ||
provides assistance, or performs tasks for the benefit of a person with a disability, or provides
|| || || || || || || || || || || || || || || ||
emotional support that alleviates one or more identifies symptoms or effects of a person's
|| || || || || || || || || || || || || ||
disability. For purposes of reasonable accommodation requests, the Fair Housing Act does not
|| || || || || || || || || || || || ||
require an assistance animal to be individually trained or certified. While dogs are the most
|| || || || || || || || || || || || || || ||
common type of assistance animal, other animals can also be assistance animals.
|| || || || || || || || || || ||
Association Dues - ✔✔Charged by a community or Homeowners Association to pay for repairs,
|| || || || || || || || || || || || || ||
upkeep, landscaping, improvements, and property management.
|| || || || ||
Back-End Ratio - ✔✔A rate that calculates a borrower's total monthly debt, including housing
|| || || || || || || || || || || || || ||
and other debt obligations, as a percentage of gross monthly income. Frequently used by lenders
|| || || || || || || || || || || || || || ||
to qualify borrowers for a mortgage. Also called a debt-to-income ratio.
|| || || || || || || || || ||
Balloon Payment - ✔✔An oversize payment due at the end of a mortgage.
|| || || || || || || || || || || ||
Blockbusting - ✔✔To convince, or attempt to convince, a person to sell or rent a dwelling
|| || || || || || || || || || || || || || || ||
because of the entry, or prospective entry, into the neighborhood of a person or persons of a
|| || || || || || || || || || || || || || || || ||
particular race, color, religion, sex, familial status, national origin, or with a disability.
|| || || || || || || || || || || ||
Cash-for-keys - ✔✔An alternative to a legal eviction following foreclosure. The occupant || || || || || || || || || || || ||
receives cash funds from the servicer in exchange for turning in the keys and vacating the
|| || || || || || || || || || || || || || || ||
property. Certain conditions apply, such as returning the property in broom-clean condition and
|| || || || || || || || || || || || ||
with all appliances.
|| ||
CDBG - ✔✔Community Development Block Grant
|| || || || ||
CFPB - ✔✔Consumer Financial Protection Bureau
|| || || || ||
Closing Costs - ✔✔Fees for final property transfer that are not included in the price of the
|| || || || || || || || || || || || || || || || ||
property. Typical closing costs can include loan origination fees, discount points, appraisal fee,
|| || || || || || || || || || || || ||
