HUD Exam- Homeownership 100% Verified Answers 2023 Graded A+

Which factor is best for housing counselors to use when determining how much a client can afford to spend on purchasing a home? A. Debt to-income ratios B. Annual gross income C. Savings D. Options A, B, C E. None of the above - Correct Answer D. Options A, B, and C A person or company that makes loans for real estate purchases. "Loan officer" is a related term that refers to a representative of a lending or mortgage company who is responsible for soliciting homebuyers and for qualifying and processing loans. - Correct Answer Lender A government official responsible for determining the value of a property for taxation purpose. - Correct Answer Assessor A professional who conducts an inspection of the home's structure and mechanical systems to determine quality, soundness, and safety. S/he makes the potential homebuyer aware of any repairs that may be necessary. - Correct Answer Home Inspector A lender's representative who analyzes a loan application, the potential borrower's credit history, and a judgement of the property value to determine the amount of risk involved in making the loan. - Correct Answer Underwriter A professional who gives an estimate of a property's fair market value based on the sales of comparable homes in the area and on the property's features. This estimate is generally required by a lender before loan approval to ensure that the mortgage loan amount is not more than the value of the property. - Correct Answer Appraiser Which statement most accurately describes a member of the homebuying team? A. a real estate agent or broker is typically an attorney or works for an escrow company. S/he oversees the final transaction in property purchase, at which time the title is transferred from the seller to the buyer. B. The lender requires an assessment of the home by a home inspector before loan approval C. An insurance agent is also know as a settlement agent. D. a home inspector is generally paid by the buyer. - Correct Answer D. A home inspector is generally paid by the buyer Which piece of advice would you give to clients as they begin the process of obtaining financing?