HUD Practice Exam Question answers 100% correct 2024

HUD Practice Exam Question answers 100% correct 2024What act came about after the assassination of MLK? - correct answer The Civil Rights Act of 1968 A client does not receive a written monthly statement from the credit card company. Which credit law could this omission violate? - correct answer Fair Credit Billing Act In which situation would a client's responsibilities, recurring costs, and upfront costs be evaluated? - correct answer When weighing housing options A client works 40 hours a week making $15 an hour. What is the highest monthly mortgage the client can afford based on income if the client secures a conventional loan? - correct answer Answer is 728. 40x15=_x52_/12=_.28=728 Front end ratio for Conventional Loan - correct answer 28% Back End ratio - correct answer Only calculate if you have expenses in the problem. Only include debts that appear on Credit report. If they say Debt to income ratio : - correct answer they are looking for Back End Ratio If it says housing ratio : - correct answer Calculate front end If they say "What is the highest monthly mortgage payment" and they give you expenses: - correct answer You do both front & back end & choose the lowest total A client has a monthly household income of $2,300, monthly debt payments of $450, and an optimal monthly housing ratio of 32%. What is the client's optimal monthly housing payment? - correct answer 2300-450=_X.32=592 What is the back-end ratio for a client with a monthly housing expense of $1,250, a monthly total of $88 in other consumer debt payments, and a gross household income of $4,460 per month (rounded to the nearest whole percent)? - correct answer ANSWER IS 30% 1250+88/4460