HUD Housing Counselor Certification Practice QUESTIONS AND ANSWERS | 100% CORRECT

What is the maximum percent of area median income allowable for a household to qualify for a Housing Choice Voucher? Correct Answer: 50% Which is the maximum recommended housing ratio for renting an apartment? Correct Answer: 30% Eligibility requirements for down-payment assistance programs include which factors? Correct Answer: Income, home-buyer education, purchase price The client is considering an FHA mortgage. What is the upfront mortgage insurance premium (UFMIP) for an FHA mortgage? Correct Answer: 1.75% If the client was denied a mortgage loan and the lender told him to come back after his divorce had been final for three years, what is the best advice for the housing counselor to provide to the client to report a violation to ECOA? Correct Answer: Contact the Federal Trade Commission as the lender's action might violate the Equal Credit Opportunity Act A question from a lender on the client's Medical History would be inappropriate or appropriate? Correct Answer: Inappropriate Who is responsible for educating home-buyers about their rights? Correct Answer: Housing Counselor In order to minimize the impact on the client's credit score, what is the maximum time frame within which the client should apply for pre-approval from multiple lenders? Correct Answer: A 30-day period What are the responsibilities of a home inspector? Correct Answer: Examine mechanical systems, Evaluate the condition of a home, Identify items to be repaired or replaced Which is the best reason that a housing counselor would suggest that a client speak to three to five different lenders? Correct Answer: To compare loan estimates Which is the best advice that a housing counselor can give the client to protect against identity theft? Correct Answer: Review credit report at least once per year The client tells the lender that he is expecting a raise soon. Shou