HUD PRACTICE TEST EXAM WITH CORRECT
ACTUAL QUESTIONS AND CORRECTLY WELL
DEFINED ANSWERS
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Terms in this set (89)
Which document is most important List of Assets
when working with a client to Retirement plan statement
develop an initial budget as part of a Pay stub X
Client Action Plan? 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 Income history
information? Criminal record
# of accounts in collection status
A history of payments on an elctric bill
,A credit report contains inaccurate FIle a dispute with the appropaite credit reporting
information. Which action item should agency
the counselor include in the Client
Action Plan?
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 FCBA
monthly statement from the credit
card company. Which credit law
could this omission violate?
, A client shopping for a mortgage I am unable to determine whether the loan is
loan presents a housing counselor predatory but i suggest you shop around with other
with an offer from a local mortgage ledning sources
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?
Which action should a counselor File an identity theft report
recommend a client take first after
discovering identity theft?
In which situation would a client's When weighing housing options
responsibilities, recurring costs, and
upfront costs be evaluated?
A client works 40 hours a week Front End Ratio Formula
making $15 an hour. What is the Conventional = <28%
highest monthly mortgage the client
can afford based on income if the
client secures a conventional loan?
Which type of government insured USDA
loan was created for financing homes
in rural areas?
ACTUAL QUESTIONS AND CORRECTLY WELL
DEFINED ANSWERS
Play your way to mastery with fun games
Match Blocks Charms NEW
Terms in this set (89)
Which document is most important List of Assets
when working with a client to Retirement plan statement
develop an initial budget as part of a Pay stub X
Client Action Plan? 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 Income history
information? Criminal record
# of accounts in collection status
A history of payments on an elctric bill
,A credit report contains inaccurate FIle a dispute with the appropaite credit reporting
information. Which action item should agency
the counselor include in the Client
Action Plan?
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 FCBA
monthly statement from the credit
card company. Which credit law
could this omission violate?
, A client shopping for a mortgage I am unable to determine whether the loan is
loan presents a housing counselor predatory but i suggest you shop around with other
with an offer from a local mortgage ledning sources
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?
Which action should a counselor File an identity theft report
recommend a client take first after
discovering identity theft?
In which situation would a client's When weighing housing options
responsibilities, recurring costs, and
upfront costs be evaluated?
A client works 40 hours a week Front End Ratio Formula
making $15 an hour. What is the Conventional = <28%
highest monthly mortgage the client
can afford based on income if the
client secures a conventional loan?
Which type of government insured USDA
loan was created for financing homes
in rural areas?
