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Deed Restrictions - ANSWER Legally enforceable terms that govern the use of real estate Redlining - ANSWER The practice of refusing to make residential loans or imposing more onerous terms on any loans made because of the predominant race, color, national origin, religion, sex, disability, or fam...
Voorbeeld 2 van de 9 pagina's
In winkelwagenDeed Restrictions - ANSWER Legally enforceable terms that govern the use of real estate Redlining - ANSWER The practice of refusing to make residential loans or imposing more onerous terms on any loans made because of the predominant race, color, national origin, religion, sex, disability, or fam...
Which document is most important when working with a client to develop an initial budget as part of a Client Action Plan? Pay stub Retirement plan statement List of assets Current lease - ANSWER Pay stub A client would like purchase a home within one year. The client is motivated to increas...
Voorbeeld 3 van de 19 pagina's
In winkelwagenWhich document is most important when working with a client to develop an initial budget as part of a Client Action Plan? Pay stub Retirement plan statement List of assets Current lease - ANSWER Pay stub A client would like purchase a home within one year. The client is motivated to increas...
Which document is most important when working with a client to develop an initial budget as part of a Client Action Plan? - ANSWER Pay Stub A client would like to purchase a home within one year. The client is motivated to increase household income as a way to save for a down payment and qualify ...
Voorbeeld 2 van de 8 pagina's
In winkelwagenWhich document is most important when working with a client to develop an initial budget as part of a Client Action Plan? - ANSWER Pay Stub A client would like to purchase a home within one year. The client is motivated to increase household income as a way to save for a down payment and qualify ...
% Impact of Account Payment History on Credit Score - ANSWER 35% portion of credit score based on the payment history of accounts, including late payments, delinquencies, judgments, and liens % Impact of Amounts Owed on Accounts on Credit Score - ANSWER 30% portion of score based on the ratio ...
Voorbeeld 4 van de 37 pagina's
In winkelwagen% Impact of Account Payment History on Credit Score - ANSWER 35% portion of credit score based on the payment history of accounts, including late payments, delinquencies, judgments, and liens % Impact of Amounts Owed on Accounts on Credit Score - ANSWER 30% portion of score based on the ratio ...
Adjustable Rate Mortgage (ARM) - 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. Adjust...
Voorbeeld 2 van de 7 pagina's
In winkelwagenAdjustable Rate Mortgage (ARM) - 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. Adjust...
A client would like purchase a home within one year. The client is motivated to increase household income as a way to save for a down payment and qualify for a loan. Which is the best solution for the client to reach this goal? - ANSWER
Voorbeeld 2 van de 8 pagina's
In winkelwagenA client would like purchase a home within one year. The client is motivated to increase household income as a way to save for a down payment and qualify for a loan. Which is the best solution for the client to reach this goal? - ANSWER
What is the maximum percent of area median income allowable for a household to qualify for a Housing Choice Voucher? - ANSWER 50% Which is the maximum recommended housing ratio for renting an apartment? - ANSWER 30% Eligibility requirements for down-payment assistance programs include which fa...
Voorbeeld 3 van de 27 pagina's
In winkelwagenWhat is the maximum percent of area median income allowable for a household to qualify for a Housing Choice Voucher? - ANSWER 50% Which is the maximum recommended housing ratio for renting an apartment? - ANSWER 30% Eligibility requirements for down-payment assistance programs include which fa...
Conventional Loan - ANSWER Front end 28% Back end 36% can go up to 45% to 50%(debt to income), backed by private lenders. AKA prime loans. Good credit, 20% down payment. May have interest only terms FHA - ANSWER Front end 31% Back end 43% Limited funds, bad credit, bankruptcy, high debt to inc...
Voorbeeld 2 van de 14 pagina's
In winkelwagenConventional Loan - ANSWER Front end 28% Back end 36% can go up to 45% to 50%(debt to income), backed by private lenders. AKA prime loans. Good credit, 20% down payment. May have interest only terms FHA - ANSWER Front end 31% Back end 43% Limited funds, bad credit, bankruptcy, high debt to inc...
Types of Credit Used - ANSWER Student loan or credit cards only FAKO scores - ANSWER purchase score which are educational score Fair Credit Reporting Act FCRA - ANSWER what is in file/dispute/remove 30 days/remove bad 7 yrs/bk 10 yrs/access limited/damages from violators/state rights Fair a...
Voorbeeld 3 van de 21 pagina's
In winkelwagenTypes of Credit Used - ANSWER Student loan or credit cards only FAKO scores - ANSWER purchase score which are educational score Fair Credit Reporting Act FCRA - ANSWER what is in file/dispute/remove 30 days/remove bad 7 yrs/bk 10 yrs/access limited/damages from violators/state rights Fair a...
classes Fair Housing Amendments Act of 1988 - ANSWER Added Disability and familial status to protected classes. Civil Rights Act of 1866 - ANSWER Federal law granting citizenship to former slaves; passed over Johnson's veto. (Race and Color) Fair Housing Act of 1968 - ANSWER banned discrimina...
Voorbeeld 3 van de 29 pagina's
In winkelwagenclasses Fair Housing Amendments Act of 1988 - ANSWER Added Disability and familial status to protected classes. Civil Rights Act of 1866 - ANSWER Federal law granting citizenship to former slaves; passed over Johnson's veto. (Race and Color) Fair Housing Act of 1968 - ANSWER banned discrimina...
Jake has a session with a new client, Ruth, later that day. She has received notice that her apartment complex, which offers her project-based housing assistance, will be sold to a new management company in six months. The new company will renovate the building and will no longer participate in the ...
Voorbeeld 2 van de 8 pagina's
In winkelwagenJake has a session with a new client, Ruth, later that day. She has received notice that her apartment complex, which offers her project-based housing assistance, will be sold to a new management company in six months. The new company will renovate the building and will no longer participate in the ...
All of the following are true statements about upfront costs associated with renting and buying, except; A. Renters generally pay a security deposit upon signing a lease. B. The average cost due upon signing a lease for a rental is typically between 20% of the monthly rent.. C. Closing costs are...
Voorbeeld 1 van de 3 pagina's
In winkelwagenAll of the following are true statements about upfront costs associated with renting and buying, except; A. Renters generally pay a security deposit upon signing a lease. B. The average cost due upon signing a lease for a rental is typically between 20% of the monthly rent.. C. Closing costs are...
Which describes the legally enforceable terms that govern the use of real estate? A. Residential security restrictions B. Deed restrictions C. Redlined Maps Government-sponsored deeds - ANSWER B. Deed Restrictions -Deed restrictions are legally enforceable terms that govern the use of real esta...
Voorbeeld 2 van de 5 pagina's
In winkelwagenWhich describes the legally enforceable terms that govern the use of real estate? A. Residential security restrictions B. Deed restrictions C. Redlined Maps Government-sponsored deeds - ANSWER B. Deed Restrictions -Deed restrictions are legally enforceable terms that govern the use of real esta...
Which document should the counselor review with the client to identify spending habits and track expenses: - ANSWER Bank statement Which additional information would the housing counselor need to prepare a household budget for this client? - ANSWER Net income Which item in the client's budget...
Voorbeeld 2 van de 10 pagina's
In winkelwagenWhich document should the counselor review with the client to identify spending habits and track expenses: - ANSWER Bank statement Which additional information would the housing counselor need to prepare a household budget for this client? - ANSWER Net income Which item in the client's budget...
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 - ANSWER Bank Statement Which additional information would the housing counselor need to prepare a household budget for t...
Voorbeeld 2 van de 11 pagina's
In winkelwagenWhich 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 - ANSWER Bank Statement Which additional information would the housing counselor need to prepare a household budget for t...
Back-end ratio - ANSWER The back-end ratio (or debt-to-income ratio) compares total debt to gross monthly income. The client's only debt is a $435 lease payment, so the $950 mortgage payment brings his total monthly debt to $1,385. He earns $50,000 per year, which equals $4,166.67 per month. The cl...
Voorbeeld 4 van de 35 pagina's
In winkelwagenBack-end ratio - ANSWER The back-end ratio (or debt-to-income ratio) compares total debt to gross monthly income. The client's only debt is a $435 lease payment, so the $950 mortgage payment brings his total monthly debt to $1,385. He earns $50,000 per year, which equals $4,166.67 per month. The cl...
1) A client would like to purchase a house within one year. The client is motivated to increase household income as a way to save for a down payment and qualify for a loan. Which is the best solution for the client to reach this goal? - ANSWER Find a second job 2) Six months ago a client left a j...
Voorbeeld 1 van de 2 pagina's
In winkelwagen1) A client would like to purchase a house within one year. The client is motivated to increase household income as a way to save for a down payment and qualify for a loan. Which is the best solution for the client to reach this goal? - ANSWER Find a second job 2) Six months ago a client left a j...
A client, who is a divorced local school teacher, is interested in purchasing his first home. He wishes to stay in the same neighborhood where he now lives and to purchase a home in the low-$100,000 range. He currently leases a car for $435 a month and would like to buy a new car. The client has a l...
Voorbeeld 4 van de 33 pagina's
In winkelwagenA client, who is a divorced local school teacher, is interested in purchasing his first home. He wishes to stay in the same neighborhood where he now lives and to purchase a home in the low-$100,000 range. He currently leases a car for $435 a month and would like to buy a new car. The client has a l...
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 Prior...
Voorbeeld 4 van de 42 pagina's
In winkelwagenRental 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 Prior...
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 l...
Voorbeeld 2 van de 8 pagina's
In winkelwagenWhich 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 l...
Default - ANSWER When no payments made after 60 to 90 days... 30 for FHA loans Front-End Ratio Equation - ANSWER Monthly housing expenses/gross monthly income Front-End Ratio maximums - ANSWER 28% or less - conventional loan 31% or less for FHA, 30% or less for rentals Back-End Ratio (Debt...
Voorbeeld 2 van de 9 pagina's
In winkelwagenDefault - ANSWER When no payments made after 60 to 90 days... 30 for FHA loans Front-End Ratio Equation - ANSWER Monthly housing expenses/gross monthly income Front-End Ratio maximums - ANSWER 28% or less - conventional loan 31% or less for FHA, 30% or less for rentals Back-End Ratio (Debt...
All of the following would help a counselor develop a realistic household budget, except: A. Payment information for a paid-off car B. Amount spent on groceries C. Rent payment information D. Monthly cable bill - ANSWER Answer: A Since the car is paid off, the expense does not need to be includ...
Voorbeeld 1 van de 4 pagina's
In winkelwagenAll of the following would help a counselor develop a realistic household budget, except: A. Payment information for a paid-off car B. Amount spent on groceries C. Rent payment information D. Monthly cable bill - ANSWER Answer: A Since the car is paid off, the expense does not need to be includ...
The following contributed to the increase in foreclosure rates, except: A. Subprime lending B. Risky loan products with feature like negative amortization C. Demand from the secondary market D. Homeowners paying off mortgages early E. Using teaser rates to qualify more borrowers. - ANSWER D. H...
Voorbeeld 2 van de 9 pagina's
In winkelwagenThe following contributed to the increase in foreclosure rates, except: A. Subprime lending B. Risky loan products with feature like negative amortization C. Demand from the secondary market D. Homeowners paying off mortgages early E. Using teaser rates to qualify more borrowers. - ANSWER D. H...
Which document should the counselor review with the client to identify spending habits and track expenses? - ANSWER Bank Statement Which additional information would the housing counselor need to prepare a household budget for this client? - ANSWER Net income Which item in the client's budget...
Voorbeeld 3 van de 17 pagina's
In winkelwagenWhich document should the counselor review with the client to identify spending habits and track expenses? - ANSWER Bank Statement Which additional information would the housing counselor need to prepare a household budget for this client? - ANSWER Net income Which item in the client's budget...
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