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 information would the hou
...
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 information 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?
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