HUD Housing Counseling Exam 2024 WITH SOLUTIONS

HUD Housing Counseling Exam 2024 WITH SOLUTIONS Rental Obstacle + Solutions: Low Income - Answer --Some Renters reject people whose Rent would be more than 30% of GMI -Solutions -Apply for Housing Assistance -Expand housing search areas -Get a roommate -Move in w/family or friends Strategies for decreasing expenses and debt - Answer -Prioritize "needs over "wants" -reduce or eliminate "wants" -cancel or downgrade services(e.g. cable, telephone) -limit miscellaneous spending - stick to a shopping list - pay off a loan or credit card - move to more affordable housing - change insurance coverage to lower premiums Fair Credit Reporting Act (FCRA) - Answer --Right to know what is your file -Right to dispute incomplete or inaccurate information - Access to your file is limited only to people w/valid need (i.e, creditor, insurer) -You may seek damages from violators (sue) - States have their own rules which additionally project What documents to use when tracking income - Answer --Paychecks, direct deposits slips - If self-employed, income + expenses sheet - Additional income checks or cash - Government benefit letters