FREDDIE MAC-CREDIT SMART EXAM
LATEST WITH ACTUAL QUESTIONS AND
CORRECT VERIFIED ANSWERS ALREADY
GRADED A+ 100% GUARANTEED PASS!
The percentage of your gross monthly income that
goes toward paying for your housing expenses is
called the "housing expense ratio" and is based on
the total housing payment, which includes: -
✔✔ANSWER✔✔>>Principal, interest, property
taxes, homeowner's insurance, mortgage insurance,
homeowner's or condo association fees
Lenders don't include your future housing payment
in your debt-to-income ratio, only all other
outstanding debts. - ✔✔ANSWER✔✔>>False
Someone offers to loan you money for home repairs
while you wait for your insurance money. -
✔✔ANSWER✔✔>>Post-Disaster Insurance Scam
Homeowner is charged rent to stay in his/her home
with the promise that he/she can purchase the home
,back when his/her financial situation improves. -
✔✔ANSWER✔✔>>Foreclosure Rescue Scam
It's important for consumers to be aware of online
scams and to practice good cybersecurity habits. -
✔✔ANSWER✔✔>>True
Selling your home for less than what you owe on the
mortgage with the loan servicer writing off the
remaining mortgage balance. -
✔✔ANSWER✔✔>>Short Sale
If the loan servicer is agreeable, this permits another
qualified buyer to take over your mortgage debt and
the mortgage payments. -
✔✔ANSWER✔✔>>Assumption
The loan servicer might agree to put the foreclosure
on hold to give you some time to sell your home. -
✔✔ANSWER✔✔>>Selling Your Home
The loan servicer accepts the transfer of the title of
the home back to them in exchange for cancellation
, of your mortgage debt. - ✔✔ANSWER✔✔>>Deed
in Lieu of Foreclosure
The following are alternatives to foreclosure (select
all that apply): - ✔✔ANSWER✔✔>>--
Reinstatement
--Forbearance
--Loan modification
--Repayment plan
--Refinance
Homebuyers who don't have a 20% down payment
saved might have the following options: -
✔✔ANSWER✔✔>>ALL OF THE BELOW:
(--Adhering to a stricter spending plan, tracking
expenses using a budgeting app, and saving for a
down payment
--Looking into low down payment mortgage
products, including conventional Freddie Mac or
Fannie Mae products, FHA loans or other loan
products offered by lenders
--Exploring down payment assistance programs in
their market including federal, state and local
programs for eligible homebuyers)
LATEST WITH ACTUAL QUESTIONS AND
CORRECT VERIFIED ANSWERS ALREADY
GRADED A+ 100% GUARANTEED PASS!
The percentage of your gross monthly income that
goes toward paying for your housing expenses is
called the "housing expense ratio" and is based on
the total housing payment, which includes: -
✔✔ANSWER✔✔>>Principal, interest, property
taxes, homeowner's insurance, mortgage insurance,
homeowner's or condo association fees
Lenders don't include your future housing payment
in your debt-to-income ratio, only all other
outstanding debts. - ✔✔ANSWER✔✔>>False
Someone offers to loan you money for home repairs
while you wait for your insurance money. -
✔✔ANSWER✔✔>>Post-Disaster Insurance Scam
Homeowner is charged rent to stay in his/her home
with the promise that he/she can purchase the home
,back when his/her financial situation improves. -
✔✔ANSWER✔✔>>Foreclosure Rescue Scam
It's important for consumers to be aware of online
scams and to practice good cybersecurity habits. -
✔✔ANSWER✔✔>>True
Selling your home for less than what you owe on the
mortgage with the loan servicer writing off the
remaining mortgage balance. -
✔✔ANSWER✔✔>>Short Sale
If the loan servicer is agreeable, this permits another
qualified buyer to take over your mortgage debt and
the mortgage payments. -
✔✔ANSWER✔✔>>Assumption
The loan servicer might agree to put the foreclosure
on hold to give you some time to sell your home. -
✔✔ANSWER✔✔>>Selling Your Home
The loan servicer accepts the transfer of the title of
the home back to them in exchange for cancellation
, of your mortgage debt. - ✔✔ANSWER✔✔>>Deed
in Lieu of Foreclosure
The following are alternatives to foreclosure (select
all that apply): - ✔✔ANSWER✔✔>>--
Reinstatement
--Forbearance
--Loan modification
--Repayment plan
--Refinance
Homebuyers who don't have a 20% down payment
saved might have the following options: -
✔✔ANSWER✔✔>>ALL OF THE BELOW:
(--Adhering to a stricter spending plan, tracking
expenses using a budgeting app, and saving for a
down payment
--Looking into low down payment mortgage
products, including conventional Freddie Mac or
Fannie Mae products, FHA loans or other loan
products offered by lenders
--Exploring down payment assistance programs in
their market including federal, state and local
programs for eligible homebuyers)
