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HUD PRACTICE TEST QUESTIONS AND VERIFIED
SOLUTIONS 2024/2025 GRADED A+.
Which document is most important when working with a client to develop an
initial budget as part of a Client Action Plan? - (answers)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? - (answers)
A credit report may contain which information? - (answers)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? - (answers)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
, 2
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? - (answers)
Which action would a client take to improve a credit score? - (answers)
A client does not receive a written monthly statement from the credit card
company. Which credit law could this omission violate? - (answers)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? - (answers)I am unable to
determine whether the loan is predatory but i suggest you shop around with
other ledning sources
Which action should a counselor recommend a client take first after discovering
identity theft? - (answers)File an identity theft report
HUD PRACTICE TEST QUESTIONS AND VERIFIED
SOLUTIONS 2024/2025 GRADED A+.
Which document is most important when working with a client to develop an
initial budget as part of a Client Action Plan? - (answers)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? - (answers)
A credit report may contain which information? - (answers)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? - (answers)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
, 2
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? - (answers)
Which action would a client take to improve a credit score? - (answers)
A client does not receive a written monthly statement from the credit card
company. Which credit law could this omission violate? - (answers)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? - (answers)I am unable to
determine whether the loan is predatory but i suggest you shop around with
other ledning sources
Which action should a counselor recommend a client take first after discovering
identity theft? - (answers)File an identity theft report
