HUD Practice Test exam 2023 with 100% correct answers

Which document is most important when working with a client to develop an initial budget as part of a Client Action Plan? Pay Stub A client would like to 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? Find a second job A credit report may contain which information? The number of accounts in collection status Six months ago a client left a job as a reporter to start a business in the retail industry. To prepare to buy a house, the client closed credit card accounts and has been using savings to pay down credit card debt and collections. The client has not been able to save much for a down payment with all the debt payments but knows about an affordable homeownership program that only requires a 1% down payment with an FHA loan. What might result from the client closing the credit card accounts? It increases credit utilization, causing a negative impact on the credit score. Which action would a client take to improve a credit score? Pay delinquent accounts A client does not receive a written monthly statement from the credit card company. Which credit law could this omission violate? Fair Credit Billing Act