HUD Practice Exam (Latest Update)
Questions and Verified Answers | 100% Correct |
Grade A+
Save
Terms in this set (89)
Which document is most important List of Assets
when working with a client to Retirement plan statement
develop an initial budget as part of Pay stub X
a Client Action Plan? 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?
A credit report may contain which Income history
information? Criminal record
# of accounts in collection status
A history of payments on an elctric bill
,A credit report contains inaccurate FIle a dispute with the appropaite credit
information. Which action item reporting agency
should the counselor include in the
Client Action Plan?
Six months ago a client left a job as
a reporter to start a business in the
retail industry. To prepare to buy a
house, the client closed credit card
accounts and has been using
savings to pay down credit card
debt and collections. The client has
not been able to save much for a
down payment with all the debt
payments but knows about an
affordable homeownership
program that only requires a 1%
down payment with an FHA loan.
What might result from the client
closing the credit card accounts?
Which action would a client take to
improve a credit score?
A client does not receive a written FCBA
monthly statement from the credit
card company. Which credit law
could this omission violate?
, A client shopping for a mortgage I am unable to determine whether the loan is
loan presents a housing counselor predatory but i suggest you shop around with
with an offer from a local mortgage other ledning sources
lender. The interest rate on the offer
is 7.5% for a 30-year fixed rate
mortgage with a 20% down
payment required. The counselor
reviews the client file and
determines the client's credit score
is 725 and the client's total debt-to-
income ratio is 20%.
The client asks the housing
counselor if the offer is a case of
illegal predatory lending. How
should the housing counselor
respond?
Which action should a counselor File an identity theft report
recommend a client take first after
discovering identity theft?
In which situation would a client's When weighing housing options
responsibilities, recurring costs, and
upfront costs be evaluated?
A client works 40 hours a week Front End Ratio Formula
making $15 an hour. What is the Conventional = <28%
highest monthly mortgage the
client can afford based on income
if the client secures a conventional
loan?
Which type of government insured USDA
loan was created for financing
homes in rural areas?
Questions and Verified Answers | 100% Correct |
Grade A+
Save
Terms in this set (89)
Which document is most important List of Assets
when working with a client to Retirement plan statement
develop an initial budget as part of Pay stub X
a Client Action Plan? 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?
A credit report may contain which Income history
information? Criminal record
# of accounts in collection status
A history of payments on an elctric bill
,A credit report contains inaccurate FIle a dispute with the appropaite credit
information. Which action item reporting agency
should the counselor include in the
Client Action Plan?
Six months ago a client left a job as
a reporter to start a business in the
retail industry. To prepare to buy a
house, the client closed credit card
accounts and has been using
savings to pay down credit card
debt and collections. The client has
not been able to save much for a
down payment with all the debt
payments but knows about an
affordable homeownership
program that only requires a 1%
down payment with an FHA loan.
What might result from the client
closing the credit card accounts?
Which action would a client take to
improve a credit score?
A client does not receive a written FCBA
monthly statement from the credit
card company. Which credit law
could this omission violate?
, A client shopping for a mortgage I am unable to determine whether the loan is
loan presents a housing counselor predatory but i suggest you shop around with
with an offer from a local mortgage other ledning sources
lender. The interest rate on the offer
is 7.5% for a 30-year fixed rate
mortgage with a 20% down
payment required. The counselor
reviews the client file and
determines the client's credit score
is 725 and the client's total debt-to-
income ratio is 20%.
The client asks the housing
counselor if the offer is a case of
illegal predatory lending. How
should the housing counselor
respond?
Which action should a counselor File an identity theft report
recommend a client take first after
discovering identity theft?
In which situation would a client's When weighing housing options
responsibilities, recurring costs, and
upfront costs be evaluated?
A client works 40 hours a week Front End Ratio Formula
making $15 an hour. What is the Conventional = <28%
highest monthly mortgage the
client can afford based on income
if the client secures a conventional
loan?
Which type of government insured USDA
loan was created for financing
homes in rural areas?
