HUD Test 1 with Complete Solutions Already Passed

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HUD Test 1 with Complete Solutions Already Passed Which document should the counselor review with the client to identify spending habits and track expenses? ✔✔Bank Statement Which additional i... nformation would the housing counselor need to prepare a household budget for this client? ✔✔Net income Which item in the client's budget is a fixed expense? ✔✔Car lease payment What is the maximum percent of area median income allowable for a household to qualify for a Housing Choice Voucher? ✔✔50% Which is the maximum recommended housing ratio for renting an apartment? ✔✔30% Eligibility requirement for down payment assistance programs include which factors? ✔✔Income, homebuyer education, purchase price The client is considering an FHA mortgage. What is the upfront mortgage insurance premium (UFMIP) for a FHA mortgage? ✔✔1.75% (UFMIP) The annual MIP (Mortgage Insurance Premium) for FHA mortgages ranges? ✔✔between 0.8% and 1.05%. USDA loans charge up front Grantee Fee ? ✔✔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? ✔✔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? ✔✔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? ✔✔Medical history Which is a 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? ✔✔30 days period Which is a responsibility of a home inspector? [Show More]

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