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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 househo...
Voorbeeld 2 van de 8 pagina's
In winkelwagenWhich 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 househo...
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 f...
Voorbeeld 2 van de 9 pagina's
In winkelwagenDeed 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 f...
Which document is most important when working with a client to develop an initial budget as part of a Client Action Plan? Pay stub Retirement plan statement List of assets Current lease - Answer- Pay stub A client would like purchase a home within one year. The client is motivated to increa...
Voorbeeld 3 van de 19 pagina's
In winkelwagenWhich document is most important when working with a client to develop an initial budget as part of a Client Action Plan? Pay stub Retirement plan statement List of assets Current lease - Answer- Pay stub A client would like purchase a home within one year. The client is motivated to increa...
Which document is most important when working with a client to develop an initial budget as part of a Client Action Plan? - Answer- Pay Stub A client would like to 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...
Voorbeeld 2 van de 8 pagina's
In winkelwagenWhich document is most important when working with a client to develop an initial budget as part of a Client Action Plan? - Answer- Pay Stub A client would like to 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...
Federal law requiring lenders to not discriminate in lending practices. - Answer- Equal Credit Opportunities Act (ECOA) A lender denies a loan to an immigrant family due to not having lived in the US for 5+ Years - Answer- Ecoa What agencies woyld you report ECOA Violations to? - Answer- Feder...
Voorbeeld 1 van de 4 pagina's
In winkelwagenFederal law requiring lenders to not discriminate in lending practices. - Answer- Equal Credit Opportunities Act (ECOA) A lender denies a loan to an immigrant family due to not having lived in the US for 5+ Years - Answer- Ecoa What agencies woyld you report ECOA Violations to? - Answer- Feder...
% Impact of Account Payment History on Credit Score - Answer- 35% portion of credit score based on the payment history of accounts, including late payments, delinquencies, judgments, and liens % Impact of Amounts Owed on Accounts on Credit Score - Answer- 30% portion of score based on the rati...
Voorbeeld 4 van de 37 pagina's
In winkelwagen% Impact of Account Payment History on Credit Score - Answer- 35% portion of credit score based on the payment history of accounts, including late payments, delinquencies, judgments, and liens % Impact of Amounts Owed on Accounts on Credit Score - Answer- 30% portion of score based on the rati...
Credit Report - Answer- a compilation of data about you that has been gathered by credit reporting agencies or "credit bureaus" Length of Credit History - Answer- Makes up 15% of FICO score Type - Answer- __ of credit use makes up 10% of FICO score New Credit or Inquiries - Answer- Makes ...
Voorbeeld 2 van de 6 pagina's
In winkelwagenCredit Report - Answer- a compilation of data about you that has been gathered by credit reporting agencies or "credit bureaus" Length of Credit History - Answer- Makes up 15% of FICO score Type - Answer- __ of credit use makes up 10% of FICO score New Credit or Inquiries - Answer- Makes ...
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 ...
Voorbeeld 3 van de 27 pagina's
In winkelwagenWhat 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 ...
Adjustable Rate Mortgage (ARM) - Answer- Adjustable rate mortgages have an initial rate that applies for a defined period of time (typically from one month to 10 years), then adjusts at pre-determined intervals for the life of the loan. Interest rates can increase or decrease when adjusted. Adjus...
Voorbeeld 2 van de 7 pagina's
In winkelwagenAdjustable Rate Mortgage (ARM) - Answer- Adjustable rate mortgages have an initial rate that applies for a defined period of time (typically from one month to 10 years), then adjusts at pre-determined intervals for the life of the loan. Interest rates can increase or decrease when adjusted. Adjus...
Default - Answer- When no payments made after 60 to 90 days... 30 for FHA loans Front-End Ratio Equation - Answer- Monthly housing expenses/gross monthly income Front-End Ratio maximums - Answer- 28% or less - conventional loan 31% or less for FHA, 30% or less for rentals Back-End Ratio (D...
Voorbeeld 2 van de 9 pagina's
In winkelwagenDefault - Answer- When no payments made after 60 to 90 days... 30 for FHA loans Front-End Ratio Equation - Answer- Monthly housing expenses/gross monthly income Front-End Ratio maximums - Answer- 28% or less - conventional loan 31% or less for FHA, 30% or less for rentals Back-End Ratio (D...
Rental Obstacle + Solutions: Low Income - Answer- -Some Renters reject people whose Rent would be more than 30% of GMI -Solutions -Apply for Housing Assistance -Expand housing search areas -Get a roommate -Move in w/family or friends Strategies for decreasing expenses and debt - Answer- Pri...
Voorbeeld 4 van de 42 pagina's
In winkelwagenRental Obstacle + Solutions: Low Income - Answer- -Some Renters reject people whose Rent would be more than 30% of GMI -Solutions -Apply for Housing Assistance -Expand housing search areas -Get a roommate -Move in w/family or friends Strategies for decreasing expenses and debt - Answer- Pri...
Which describes the legally enforceable terms that govern the use of real estate? A. Residential security restrictions B. Deed restrictions C. Redlined Maps Government-sponsored deeds - Answer- B. Deed Restrictions -Deed restrictions are legally enforceable terms that govern the use of real est...
Voorbeeld 2 van de 5 pagina's
In winkelwagenWhich describes the legally enforceable terms that govern the use of real estate? A. Residential security restrictions B. Deed restrictions C. Redlined Maps Government-sponsored deeds - Answer- B. Deed Restrictions -Deed restrictions are legally enforceable terms that govern the use of real est...
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 budg...
Voorbeeld 2 van de 10 pagina's
In winkelwagenWhich 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 budg...
All of the following are true statements about upfront costs associated with renting and buying, except; A. Renters generally pay a security deposit upon signing a lease. B. The average cost due upon signing a lease for a rental is typically between 20% of the monthly rent.. C. Closing costs are...
Voorbeeld 1 van de 3 pagina's
In winkelwagenAll of the following are true statements about upfront costs associated with renting and buying, except; A. Renters generally pay a security deposit upon signing a lease. B. The average cost due upon signing a lease for a rental is typically between 20% of the monthly rent.. C. Closing costs are...
Types of Credit Used - Answer- Student loan or credit cards only FAKO scores - Answer- purchase score which are educational score Fair Credit Reporting Act FCRA - Answer- what is in file/dispute/remove 30 days/remove bad 7 yrs/bk 10 yrs/access limited/damages from violators/state rights Fai...
Voorbeeld 3 van de 23 pagina's
In winkelwagenTypes of Credit Used - Answer- Student loan or credit cards only FAKO scores - Answer- purchase score which are educational score Fair Credit Reporting Act FCRA - Answer- what is in file/dispute/remove 30 days/remove bad 7 yrs/bk 10 yrs/access limited/damages from violators/state rights Fai...
Jake has a session with a new client, Ruth, later that day. She has received notice that her apartment complex, which offers her project-based housing assistance, will be sold to a new management company in six months. The new company will renovate the building and will no longer participate in the ...
Voorbeeld 2 van de 8 pagina's
In winkelwagenJake has a session with a new client, Ruth, later that day. She has received notice that her apartment complex, which offers her project-based housing assistance, will be sold to a new management company in six months. The new company will renovate the building and will no longer participate in the ...
Front end ratio (parts) - Answer- Monthly Housing Expense / Gross Income Back End Ratio (parts) - Answer- Monthly housing+debt (on credit report - car loan, credit cards & etc) / Gross Income Renter Ratio - Answer- 30% / 36% Conventional Ratio - Answer- 28% / 36% FHA (Federal Housing Adm...
Voorbeeld 2 van de 6 pagina's
In winkelwagenFront end ratio (parts) - Answer- Monthly Housing Expense / Gross Income Back End Ratio (parts) - Answer- Monthly housing+debt (on credit report - car loan, credit cards & etc) / Gross Income Renter Ratio - Answer- 30% / 36% Conventional Ratio - Answer- 28% / 36% FHA (Federal Housing Adm...
Civil Rights Act of 1866 - Answer- Federal law granting citizenship to former slaves; passed over Johnson's veto. (Race and Color) Fair Housing Act of 1968 - Answer- banned discrimination in the rental or sale of housing (Race, color, religion, national origin) Housing and Community Developme...
Voorbeeld 3 van de 29 pagina's
In winkelwagenCivil Rights Act of 1866 - Answer- Federal law granting citizenship to former slaves; passed over Johnson's veto. (Race and Color) Fair Housing Act of 1968 - Answer- banned discrimination in the rental or sale of housing (Race, color, religion, national origin) Housing and Community Developme...
True - Answer- Because of the Civil Rights Act of 1866, there are no exceptions that allow discrimination in the housing market based on race. Select one: True False Handicap status - Answer- In March of 1989 two protected classes were added to the Fair Housing Law. They were familial statu...
Voorbeeld 2 van de 6 pagina's
In winkelwagenTrue - Answer- Because of the Civil Rights Act of 1866, there are no exceptions that allow discrimination in the housing market based on race. Select one: True False Handicap status - Answer- In March of 1989 two protected classes were added to the Fair Housing Law. They were familial statu...
Which factor is best for housing counselors to use when determining how much a client can afford to spend on purchasing a home? A. Debt to-income ratios B. Annual gross income C. Savings D. Options A, B, C E. None of the above - Answer- D. Options A, B, and C A person or company that makes ...
Voorbeeld 2 van de 8 pagina's
In winkelwagenWhich factor is best for housing counselors to use when determining how much a client can afford to spend on purchasing a home? A. Debt to-income ratios B. Annual gross income C. Savings D. Options A, B, C E. None of the above - Answer- D. Options A, B, and C A person or company that makes ...
All of the following would help a counselor develop a realistic household budget, except: A. Payment information for a paid-off car B. Amount spent on groceries C. Rent payment information D. Monthly cable bill - Answer- A. Payment information for a paid-off car All of the following are rea...
Voorbeeld 2 van de 8 pagina's
In winkelwagenAll of the following would help a counselor develop a realistic household budget, except: A. Payment information for a paid-off car B. Amount spent on groceries C. Rent payment information D. Monthly cable bill - Answer- A. Payment information for a paid-off car All of the following are rea...
A potential homebuyer with a minimal savings for a down payment and a low credit score is most likely to qualify for which mortgage? - United States Department of Agriculture (USDA) - Federal Housing Administration (FHA) - Fannie Mae - Freddie Mac - Answer- Federal Housing Administration (FHA)...
Voorbeeld 2 van de 9 pagina's
In winkelwagenA potential homebuyer with a minimal savings for a down payment and a low credit score is most likely to qualify for which mortgage? - United States Department of Agriculture (USDA) - Federal Housing Administration (FHA) - Fannie Mae - Freddie Mac - Answer- Federal Housing Administration (FHA)...
Deficiency Judgement - Answer- If the foreclosure sale does not produce enough to cover the debt the mortgagee (lender) is entitled to a ____________ against the borrower for the unpaid amount Deed in Lieu - Answer- a deed given by a mortgage lender to satisfy a debt Foreclosure - Answer- The ...
Voorbeeld 1 van de 1 pagina's
In winkelwagenDeficiency Judgement - Answer- If the foreclosure sale does not produce enough to cover the debt the mortgagee (lender) is entitled to a ____________ against the borrower for the unpaid amount Deed in Lieu - Answer- a deed given by a mortgage lender to satisfy a debt Foreclosure - Answer- The ...
1x verkocht
1) A client would like to purchase a house 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- Find a second job 2) Six months ago a client left a ...
Voorbeeld 1 van de 2 pagina's
In winkelwagen1) A client would like to purchase a house 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- Find a second job 2) Six months ago a client left a ...
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