HUD Exam Prep Questions and Answers 100% Pass

Document Content and Description Below

UD Exam Prep Questions and Answers 100% Pass Conventional Loan ✔✔Front end 28% Back end 36% can go up to 45% to 50%(debt to income), backed by private lenders. AKA prime loans. Good credit, 20... % down payment. May have interest only terms FHA ✔✔Front end 31% Back end 43% Limited funds, bad credit, bankruptcy, high debt to income ratio. EEM (Energy) FHA ✔✔Front end 33% Back end 45% VA ✔✔41% USDA ✔✔Front End 29% Back End 41%, low-to-moderate income, must live rural area, no down payment, competitive rates. Bellow 115% median income. Loan term 33 to 38 yrs Equal Credit Opportunity Act (ECOA) ✔✔A federal act, which prohibits discrimination by lenders on the basis of sex or marital status in any aspect of a credit transaction. Front end Ratio ✔✔PITIA/ Gross Income Within three days of receiving a loan application, lenders are required to supply the client with ✔✔Loan Estimate How may years at a job to show employment stability? ✔✔At least 2 years Which factor determines whether the client will have to pay private mortgage insurance versus mortgage insurance premium ✔✔Type of loan The Fair Housing Act ✔✔The federal law that prohibits discrimination in housing based on race, color, religion, sex, handicap, familial status, and national origin The Housing and Urban Development Act ✔✔providing government-insured loans to moderateincome people. The Dodd-Frank Act ✔✔protects borrowers from predatory lending practices Affirmatively Furthering Fair Housing (AFFH) ✔✔Advocating for lenders to operate in underserved areas After how many days can foreclosure pr [Show More]

Last updated: 2 years ago

Preview 1 out of 31 pages

Buy Now

Instant download

We Accept: