HUD Housing Counselor Prep

The client is considering an FHA mortgage. What is the upfront mortgage insurance premium (UFMIP) for an FHA mortgage? -ANSWER- 1.75% What is ECOA? -ANSWER- Equal Credit Opportunity Act Federal lawa requires lender to make credit available to all protected characteristics 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 -ANSWER- 30 days Which is the best reason that a housing counselor would suggest that a client speak to three to five different lenders before choosing one? -ANSWER- compare loan estimates Typical closing cost? -ANSWER- 3-4 % conventional front end and back end ratio? -ANSWER- 28/36 FHA RATIOS? -ANSWER- 31% and 43% Maximum front end ratio FHA energy Efficient mortgage loan is ( -ANSWER- 33% which factor is a borrower's annual mortgage insurance premium (MIP) based -ANSWER- current principal balance The up-front mortgage insurance premium (UFMIP) for an FHA loan is -ANSWER- 1.75% How should a client apply for the housing choice voucher program? -ANSWER- public housing agency how to apply for down payment assistance -ANSWER- HUD.GOv ECOA