HUD Housing Counseling Questions with 100% Correct Answers

Which document should the counselor review with the client to identify spending habits and track expenses? A. Credit report B. Pay stubs C. Bank Statement D. Tax returns Correct Answer Bank Statement Which additional information would the housing counselor need to prepare a household budget for this client? A. Net Income B. Lease Documentation C. Credit Score D. Bankruptcy Discharge Correct Answer Net Income Which item in the client's budget is a fixed expense? A. Food B. Gasoline C. Car Lease Payment D. Utilities Correct Answer Car Lease Payment What is the maximum percent of area median income allowable for household to qualify for a Housing Choice Voucher? Correct Answer 50% Which is the the maximum recommended housing ratio for renting an apartment? Correct Answer 30% Eligibility requirements for downpayment assistance programs include which factors? Correct Answer Income, homebuyer education, purchase price The client is considering an FHA mortgage. What is the upfront mortgage premium (UFMIP) for a FHA mortgage? Correct Answer 1.75% The client decides to purchase a townhouse through a down payment assistance program with a recapture clause. Three years later, the client remarries, and his wife owns a single family home. Which situation might cause accelerated loan payment? A. Client moves to his wife's home and the townhouse loan is assumed by an eligible buyer. B. Client's wife moves into the townhouse. C. Client moves to his wife's home and rents his townhouse to a tenant. Correct Answer Client moves to his wife's home and rents his townhouse to a tenant