HUD Practice Exam 2023 with 100% correct answers

Which document is most important when working with a client to develop an initial budget as part of a Client Action Plan? 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 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 information? Income history Criminal record # of accounts in collection status A history of payments on an elctric bill A credit report contains inaccurate information. Which action item should the counselor include in the Client Action Plan? FIle a dispute with the appropaite credit reporting agency 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 monthly statement from the credit card company. Which credit law could this omission violate? FCBA A client shopping for a mortgage loan presents a housing counselor with an offer from a local mortgage 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? I am unable to determine whether the loan is predatory but i suggest you shop around with other ledning sources