Which document should the counselor review with the client to identify spending habits and track expenses? - ANSWER-Bank Statement
Which additional information would the housing counselor need to prepare a household budget for this client? - ANSWER-Net income
Which item in the client's budget...
Which document should the counselor review with the client to identify spending habits
and track expenses? - ANSWER-Bank Statement
Which additional information would the housing counselor need to prepare a household
budget for this client? - ANSWER-Net income
Which item in the client's budget is a fixed expense? - ANSWER-Car lease payment
What is the maximum percent of area median income allowable for a household to
qualify for a Housing Choice Voucher? - ANSWER-50%
Which is the maximum recommended housing ratio for renting an apartment? -
ANSWER-30%
Eligibility requirement for down payment assistance programs include which factors? -
ANSWER-Income, homebuyer education, purchase price
The client is considering an FHA mortgage. What is the upfront mortgage insurance
premium (UFMIP) for a FHA mortgage? - ANSWER-1.75% (UFMIP)
The annual MIP (Mortgage Insurance Premium) for FHA mortgages ranges? -
ANSWER-between 0.8% and 1.05%.
USDA loans charge up front Grantee Fee ? - ANSWER-2%
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?
- ANSWER-Client moves to his wife's home and rents his townhouse to tenant
If the client was denied a mortgage loan and the lender told him to come back after his
divorce had been final for 3 years, what is the best advice for the housing counselor to
provide to the client? - ANSWER-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? - ANSWER-Medical
history
Which is a responsibility of a housing counselor? - ANSWER-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? -
ANSWER-30 days period
Which is a responsibility of a home inspector? - ANSWER-*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
3 to 5 different lenders before choosing one? - ANSWER-the client can compare loan
estimates
Which is the best advice that a housing counselor can give the client to protect against
identity theft? - ANSWER-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? - ANSWER-Provide a loan estimate without factoring in the raise
Average closing costs rage? - ANSWER-3% and 4%
The client is considering renting an apartment with a different landlord. Which would be
an upfront cost of moving to the new apartment? - ANSWER-Application fee
The client is second-guessing his decision to buy a home, so the counselor asks a
series of questions. Which response would best align with the homewonership option
for this client? - ANSWER-Client wants to customize his home with do-it- yourself
projects
Maximum Front-end ration for a standard convention loan % ? - ANSWER-28%
Front-end ratio - ANSWER-monthly housing expenses / Gross monthly income
매달 income 에 housing expenses 의 %
Back-end ratio(Debt to income)for a standard convention loan % ? - ANSWER-
maximum 36%
Back - end ratio - ANSWER-Total monthly debt expense/ Gross monthly income
매달 income 에 Debt 의 %
Back-end ratio(Debt to income) for a standard FHA loan % ? - ANSWER-41%-43%
maximum 43%
If FHA Energy Efficiency Mortgage can 45%
Maximum Front-end ration for a standard FHA loan % ? - ANSWER-31%
, How to calculate maximum monthly housing expense? - ANSWER-front-end ratio x
Gross income
Which steps should housing counselor take to assess the client's readiness to purchase
a home? - ANSWER--Assess funds available for upfront coasts
-Calculate debt-to-income ratio
-Determine maximum housing payment
On which factor is a borrower's annual mortgage insurance premium (MIP) based? -
ANSWER-Current principal balance
Loan to Value Ratio - ANSWER-LTV ratio= Mortgage Amount (MA)/ Appraised Property
Value (APV)
Calculated by amount of loan compared to the value of property
Best LTV ratio= 80% or lower
EX) LTV 75%
75% Mortgage 가 낸돈
25% 내가 낸돈
Private Mortgage insurance - ANSWER-Less 20% down payment required
Mortgage Insurance Premium - ANSWER-Less 20 % down payment FHA Loan required
Hard to do cancellation
The client only tracks bill payments. Which should the housing counselor recommend to
help the client begin planning for a home purchase? - ANSWER-Track all income and
expense
How should a client apply for the Housing Choice Voucher Program? - ANSWER-
Contact the local Public Housing Authority
What are Housing Choice Vouchers? - ANSWER-very low-income families to choose
and lease or purchase safe, decent, and affordable privately-owned rental housing.
Which website provides information on programs to assist homebuyers with down
payment assistance? - ANSWER-HUD.gov
Based on the client's income, saving, and credit score of 700, which mortgage option is
likely best for her? - ANSWER-Conventional loan
This client is denied a loan to purchase a home because she has not lived in the
country for at least 10 years. Which advice should the housing counselor provide? -
ANSWER-Report the action to the Federal Trade Commission as it is a violation of the
Equal Credit Opportunity Act
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