Hud practice exam stuvia Study guides, Class notes & Summaries

HUD Practice Exam Questions and Answers 100% CorrectHUD Practice Exam Questions and Answers 100% CorrectHUD Practice Exam Questions and Answers 100% CorrectHUD Practice Exam Questions and Answers 100% CorrectA client, who is a divorced local school teacher, is interested in purchasing his first home. He wishes to stay in the same neighborhood where he now lives and to purchase a home in the low-$100,000 range. He currently leases a car for $435 a month and would like to buy a new car. The cl...

A client, who is a divorced local school teacher, is interested in purchasing his first home. He wishes to stay in the same neighborhood where he now lives and to purchase a home in the low-$100,000 range. He currently leases a car for $435 a month and would like to buy a new car. The client has a lease on an apartment with his college friend. Their monthly rent on the apartment, which they split evenly, is $1,100. He has been working as a teacher for five years and earns $50,000 a year. His div...

Elements IN a Budget - ANSWER--Pay Stubs. -Bank Statement -Utility Bill -Soc. Sec. Award Letter -Credit Card Debt -Car Expenses -Child Support -Hobby Income (Avg.) Elements NOT in a Budget - ANSWER--Stock Dividends -Annual Bonus -Reimbursements -Credit Score -Pretax Payroll Deduc. Which information should be included in a Client Action Plan? - ANSWER-The client's housing goal and the counselor's action steps 5 Sections of a Credit Report - ANSWER--Personal Information -Acco...

A client, who is a divorced local school teacher, is interested in purchasing his first home. He wishes to stay in the same neighborhood where he now lives and to purchase a home in the low-$100,000 range. He currently leases a car for $435 a month and would like to buy a new car. The client has a lease on an apartment with his college friend. Their monthly rent on the apartment, which they split evenly, is $1,100. He has been working as a teacher for five years and earns $50,000 a year. His div...

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 requirements for down-payment assistance programs include which factors? - Answer Income, home-buyer education, purchase price The client is considering an FHA mortgage. What is the upfront mortgage insurance premium (UFMIP) for an FHA mortgage? - Answer 1.75% ...

HUD Practice Exam Questions and Answers 100% CorrectHUD Practice Exam Questions and Answers 100% CorrectHUD Practice Exam Questions and Answers 100% CorrectHUD Practice Exam Questions and Answers 100% Correct What act came about after the assassination of MLK? - ANSWER-The Civil Rights Act of 1968 A client does not receive a written monthly statement from the credit card company. Which credit law could this omission violate? - ANSWER-Fair Credit Billing Act In which situation would ...

HUD Practice Exam Questions and Answers (Graded A) HUD Practice Exam Questions and Answers (Graded A) HUD Practice Exam Questions and Answers (Graded A) Which document is most important when working with a client to develop an initial budget as part of a Client Action Plan? - ANSWER-List of Assets Retirement plan statement Pay stub X Current lease A client would like purchase a home within one year. The client is motivated to increase household income as a way to save for a down ...

What act came about after the assassination of MLK? - ANSWER-The Civil Rights Act of 1968 A client does not receive a written monthly statement from the credit card company. Which credit law could this omission violate? - ANSWER-Fair Credit Billing Act In which situation would a client's responsibilities, recurring costs, and upfront costs be evaluated? - ANSWER-When weighing housing options A client works 40 hours a week making $15 an hour. What is the highest monthly mortgage the cli...

Deed Restrictions - ANSWER Legally enforceable terms that govern the use of real estate Redlining - ANSWER The practice of refusing to make residential loans or imposing more onerous terms on any loans made because of the predominant race, color, national origin, religion, sex, disability, or familial status of the area's residents. Civil Rights Act of 1968 - ANSWER Following the assassination of Dr. Martin Luther King Jr., Congress passed what monumental piece of legislation, which prohi...

Which document is most important when working with a client to develop an initial budget as part of a Client Action Plan? - Answer List of Assets Retirement plan statement Pay stub X Current lease A client would like 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? - Answer A credit report may contain which information? - Answer ...