HUD Housing Counseling (HUD Housing Counseling
Certification Exam) Latest Questions With Correct
Answers.
Which document should the counselor review with the client to identify spending
habits and track expenses?
A. Credit report
B. Pay stubs
C. Bank Statement
D. Tax returns
Bank Statement
Which additional information would the housing counselor need to prepare a
household budget for this client?
A. Net Income
B. Lease Documentation
C. Credit Score
D. Bankruptcy Discharge
Net Income
Which item in the client's budget is a fixed expense?
A. Food
B. Gasoline
C. Car Lease Payment
D. Utilities
Car Lease Payment
What is the maximum percent of area median income allowable for household to
qualify for a Housing Choice Voucher?
50%
Which is the the maximum recommended housing ratio for renting an apartment?
30%
Eligibility requirements for downpayment assistance programs include which
factors?
Income, homebuyer education, purchase price
The client is considering an FHA mortgage. What is the upfront mortgage
premium (UFMIP) for a 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 accelerated loan
payment?
A. Client moves to his wife's home and the townhouse loan is assumed by an
eligible buyer.
, B. Client's wife moves into the townhouse.
C. Client moves to his wife's home and rents his townhouse to a tenant.
Client moves to his wife's home and rents his townhouse to a tenant
If a 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 for the housing
counselor to provide to the client?
A. Contact the FTC as the lender's action might violate the Equal Credit
Opportunity Act.
B. Contact the local fair housing center as the lender's action might violate the
Fair Housing Act.
Contact the FTC 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
What is the 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?
A 30-day period
Which is a responsibility of a home inspector?
Evaluate the condition of a home, examine mechanical systems, identify items to be
repaired or replaced.
Which is the best reason that a housing counselor would suggest that a client
speak to three to five different lenders before choosing one?
So the client can compare loan estimates
Which is the best advice that a housing counselor can give the client to protect
against identity theft?
Review credit report at least once per year
The client tells the lender that he is expecting a raise soon. Which action should
the lender take?
Provide a loan estimate without factoring in the raise
If the client obtains a mortage of $100,000, typically, how much should he expect
to pay for closing costs?
A. $400
B. $12,000
C. $4,000
D. $1,000
$4,000
The client is considering renting an apartment with a different landlord. Which
would be an upfront cost of moving to a new apartment?
A. Down Payment
B. Application Fee
Certification Exam) Latest Questions With Correct
Answers.
Which document should the counselor review with the client to identify spending
habits and track expenses?
A. Credit report
B. Pay stubs
C. Bank Statement
D. Tax returns
Bank Statement
Which additional information would the housing counselor need to prepare a
household budget for this client?
A. Net Income
B. Lease Documentation
C. Credit Score
D. Bankruptcy Discharge
Net Income
Which item in the client's budget is a fixed expense?
A. Food
B. Gasoline
C. Car Lease Payment
D. Utilities
Car Lease Payment
What is the maximum percent of area median income allowable for household to
qualify for a Housing Choice Voucher?
50%
Which is the the maximum recommended housing ratio for renting an apartment?
30%
Eligibility requirements for downpayment assistance programs include which
factors?
Income, homebuyer education, purchase price
The client is considering an FHA mortgage. What is the upfront mortgage
premium (UFMIP) for a 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 accelerated loan
payment?
A. Client moves to his wife's home and the townhouse loan is assumed by an
eligible buyer.
, B. Client's wife moves into the townhouse.
C. Client moves to his wife's home and rents his townhouse to a tenant.
Client moves to his wife's home and rents his townhouse to a tenant
If a 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 for the housing
counselor to provide to the client?
A. Contact the FTC as the lender's action might violate the Equal Credit
Opportunity Act.
B. Contact the local fair housing center as the lender's action might violate the
Fair Housing Act.
Contact the FTC 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
What is the 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?
A 30-day period
Which is a responsibility of a home inspector?
Evaluate the condition of a home, examine mechanical systems, identify items to be
repaired or replaced.
Which is the best reason that a housing counselor would suggest that a client
speak to three to five different lenders before choosing one?
So the client can compare loan estimates
Which is the best advice that a housing counselor can give the client to protect
against identity theft?
Review credit report at least once per year
The client tells the lender that he is expecting a raise soon. Which action should
the lender take?
Provide a loan estimate without factoring in the raise
If the client obtains a mortage of $100,000, typically, how much should he expect
to pay for closing costs?
A. $400
B. $12,000
C. $4,000
D. $1,000
$4,000
The client is considering renting an apartment with a different landlord. Which
would be an upfront cost of moving to a new apartment?
A. Down Payment
B. Application Fee
