HUD Assessment QUESTIONS AND ANSWERS ALL CORRECT

Which document should the counselor review with client to identify spending habits and track expenses? Correct Answer: Bank Statement Which additional information would the housing counselor need to prepare a household budget? Correct Answer: Net Income 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 downpayment assistance programs include which factors? Correct Answer: Income, homebuyer education, purchase price What is the upfront mortgage insurance premium (UFMIP) for an FHA mortgage? Correct Answer: 1.75% A question from a lender on which topic would be inappropriate? Correct Answer: Medical history What is a responsibility of a housing counselor? Correct Answer: Educate homebuyers about their rights What is the maximum time frame within which a client should apply for pre-approval from multiple lenders with minimum impact on their credit score? Correct Answer: 30-day period Responsibilities of a home inspector? Correct Answer: Evaluate the condition of a home, Examine mechanical systems, Identify items to be repaired or replaced Why should a client speak to three to five different lenders before choosing one? Correct Answer: So the client can compare loan estimates What 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 A client tells the lender that is expecting a raise soon. What action should the lender take? Correct Answer: Provide a loan estimate without factoring in the raise If a client obtains a mortgage of $100,000, typi