HUD Exam- Homeownership accurate Questions & Answers!!

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 - 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. - ANSWER Lender A government official responsible for determining the value of a property for taxation purpose. - 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. - 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. - 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