HUD BUNDLED Exams 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? Pay stub Retirement plan statement List of assets Current lease Pay stub A client would like purchase a home within one year. The client is motivated to increase ho...

Adjustable Rate Mortgage (ARM) Adjustable rate mortgages have an initial rate that applies for a defined period of time (typically from one month to 10 years), then adjusts at pre-determined intervals for the life of the loan. Interest rates can increase or decrease when adjusted. Adjusted G...

What is the maximum percent of area median income allowable for a household to qualify for a Housing Choice Voucher? 50% Which is the maximum recommended housing ratio for renting an apartment? 30% Eligibility requirements for down-payment assistance programs include which factors? ...

% Impact of Account Payment History on Credit Score 35% portion of credit score based on the payment history of accounts, including late payments, delinquencies, judgments, and liens % Impact of Amounts Owed on Accounts on Credit Score 30% portion of score based on the ratio of total cred...

Which document is most important when working with a client to develop an initial budget as part of a Client Action Plan? Pay Stub A client would like to 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 ...

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 in...

Federal law requiring lenders to not discriminate in lending practices. Equal Credit Opportunities Act (ECOA) A lender denies a loan to an immigrant family due to not having lived in the US for 5+ Years Ecoa What agencies woyld you report ECOA Violations to? Federal Trade Commission...

Credit Report a compilation of data about you that has been gathered by credit reporting agencies or "credit bureaus" Length of Credit History Makes up 15% of FICO score Type __ of credit use makes up 10% of FICO score New Credit or Inquiries Makes up 10% of FICO score ...

Jake has a session with a new client, Ruth, later that day. She has received notice that her apartment complex, which offers her project-based housing assistance, will be sold to a new management company in six months. The new company will renovate the building and will no longer participate in the ...

Civil Rights Act of 1866 Federal law granting citizenship to former slaves; passed over Johnson's veto. (Race and Color) Fair Housing Act of 1968 banned discrimination in the rental or sale of housing (Race, color, religion, national origin) Housing and Community Development Act of ...

Which document should the counselor review with the client to identify spending habits and track expenses? A. Credit report B. Pay stubs C. Bank Statement D. Tax returns Bank Statement Which additional information would the housing counselor need to prepare a household budget for this ...

Types of Credit Used Student loan or credit cards only FAKO scores purchase score which are educational score Fair Credit Reporting Act FCRA what is in file/dispute/remove 30 days/remove bad 7 yrs/bk 10 yrs/access limited/damages from violators/state rights Fair and Accurate ...

Which describes the legally enforceable terms that govern the use of real estate? A. Residential security restrictions B. Deed restrictions C. Redlined Maps Government-sponsored deeds B. Deed Restrictions -Deed restrictions are legally enforceable terms that govern the use of real estate. Deed...

Which document should the counselor review with the client to identify spending habits and track expenses: Bank statement Which additional information would the housing counselor need to prepare a household budget for this client? Net income Which item in the client's budget is a fi...