Summary HUD Housing Counselor Exam Study Guide 2023

Adjustable Rate Mortgage (ARM) - Correct Answer Adjustable rate mortgages have an initial rate that applies for a defined period of time (typically from one month to 10 years), then adjusts at pre-determined intervals for the life of the loan. Interest rates can increase or decrease when adjusted. Adjusted Gross Income - Correct Answer Gross income minus adjustments, or reductions, that one is eligible for, such as deductions for unreimbursed business expenses, tuition and fees, and contributions to certain retirement accounts. AFFH - Correct Answer Affirmatively Furthering Fair Housing AFHMP - Correct Answer Affirmative Fair Housing Marketing Plan Analysis of Impediments (AI) - Correct Answer Analysis of Impediments is a review of impediments or barriers that affect the rights of fair housing choice. It covers public and private policies, practices, and procedures affecting housing choice. Impediments to fair housing choice are defined as any actions, omissions, or decisions that restrict, or have the effect of restricting, the availability of housing choices, based on race, color, religion, sex, disability, familial status, or national origin. The AI supports fair housing planning; provides essential information to policy makers, administrative staff, housing providers, lenders, and fair housing advocates; and assists in building public support for fair housing efforts. Area Median Income (AMI) - Correct Answer The midpoint in the family income range for a metropolitan statistical area or for the non-metropolitan parts of a state. Determined annually by HUD, the figure often is used as a basis to stratify incomes into very low, low, moderate, and above moderate. Frequently used to determine income eligibility for various housing programs. Arrearages - Correct Answer The total amount of past due payments owed to a lender from a borrower in mortgage payments or to a landlord from a tenant in rental payments. Also called arrears. Assistance Animal - Correct Answer An assistance animal is not considered a pet. it is an animal that works, provides assistance, or performs tasks for the benefit of a person with a disability, or provides emotional support that alleviates one or more identifies symptoms or effects of a person's disability. For purposes of reasonable accommodation requests, the Fair Housing Act does not require an assistance animal to be individually trained or certified. While dogs are the most common type of assistance animal, other animals can also be assistance animals.