HUD Housing Exam CORRECT Questions & Answers

Which document should the counselor review with the client to identify spending habits and track expenses: - ANSWER Bank statement Which additional information would the housing counselor need to prepare a household budget for this client? - ANSWER Net income Which item in the client's budget is a fixed expense? - ANSWER Car lease payment What is the maximum percent of area medium income allowable for a household to qualify for a Housing Choice Voucher? - ANSWER 50% Which is the maximum recommended housing ratio for renting an apartment? - ANSWER 30% Eligibility requirements for down payment assistance programs include which factors? - ANSWER Income, homebuyer education, and purchase price The client is considering an FHA Mortgage. What is the upfront mortgage insurance premium (UFMIP) for an FHA mortgage? - ANSWER 1.75% The client decides to purchase a townhouse through a down payment assistance program with a recapture clause. Three years later, the client remarries, and his wife owns a single family home. Which situation might cause an accelerated loan payment? - ANSWER Client moves into wife's home and rents his townhouse to a tenant If the client was denied a mortgage loan and the lender told him to come back after his divorce has been final for three years, what is the best advice the counselor can provide to the client? - ANSWER Contact the Federal Trade Commission as the lender's action might violate the Equal Credit Opportunity Act A question from a lender on which topic would be inappropriate? - ANSWER Medical history Which is a responsibility of a housing counselor? - ANSWER Educate homebuyers about their rights In order to minimize the impact on the client's credit score, what is the maximum time