HUD Exam Prep Questions with Complete Solutions | Verified & Update

HUD Exam Prep Questions with Complete Solutions | Verified & Update Conventional Loan - Answer ️️ -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 - Answer ️️ -Front end 31% Back end 43% Limited funds, bad credit, bankruptcy, high debt to income ratio. EEM (Energy) FHA - Answer ️️ -Front end 33% Back end 45% VA - Answer ️️ -41% USDA - Answer ️️ -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) - Answer ️️ -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 - Answer ️️ -PITIA/ Gross Income Within three days of receiving a loan application, lenders are required to supply the client with - Answer ️️ -Loan Estimate