1 Exam (elaborations) HUD Housing Counselors Midterm Exam With Complete Solutions Graded A 2024. 2 Exam (elaborations) HUD Housing Counselor Latest Exam And Verified Answers 2024. 3 Exam (elaborations) HQS Comprehensive Exam And Actual Answers 2024 4 Exam (elaborations) HCV Specialist Final Rev...
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Credit Report - Answer a compilation of data about you that has been gathered by credit reporting agencies or "credit bureaus" Length of Credit History - Answer Makes up 15% of FICO score Type - Answer __ of credit use makes up 10% of FICO score New Credit or Inquiries - Answer ...
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Add to cartCredit Report - Answer a compilation of data about you that has been gathered by credit reporting agencies or "credit bureaus" Length of Credit History - Answer Makes up 15% of FICO score Type - Answer __ of credit use makes up 10% of FICO score New Credit or Inquiries - Answer ...
% 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 ra...
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Add to cart% 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 ra...
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 ...
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Add to cartTypes 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 ...
Which document is most important when working with a client to develop an initial budget as part of a Client Action Plan? - Answer List of Assets Retirement plan statement Pay stub X Current lease A client would like purchase a home within one year. The client is motivated to increase house...
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Add to cartWhich document is most important when working with a client to develop an initial budget as part of a Client Action Plan? - Answer List of Assets Retirement plan statement Pay stub X Current lease A client would like purchase a home within one year. The client is motivated to increase house...
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 qualif...
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Add to cartWhich 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 qualif...
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...
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Add to cartConventional 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...
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 ...
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Add to cartWhich 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 ...
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. Adj...
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Add to cartAdjustable 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. Adj...
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 wh...
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Add to cartWhat 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 wh...
Primary function of HUD - Answer Creating and managing programs to provide quality affordable housing, prevent housing discrimination and help build sustainable communities. HUD investigates complaints of housing discrimination based on? - Answer Race Color Religion National Origin Sex ...
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Add to cartPrimary function of HUD - Answer Creating and managing programs to provide quality affordable housing, prevent housing discrimination and help build sustainable communities. HUD investigates complaints of housing discrimination based on? - Answer Race Color Religion National Origin Sex ...
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 e...
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Add to cartWhich 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 e...
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, ...
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Add to cartDeed 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, ...
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...
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Add to cartThe 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...
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 inc...
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Add to cartAll 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 inc...
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 bu...
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Add to cartWhich 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 bu...
Which document should the counselor review with client to identify spending habits and track expenses? - Answer Bank Statement Which additional information would the housing counselor need to prepare a household budget? - Answer Net Income What is the maximum percent of area median income ...
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Add to cartWhich document should the counselor review with client to identify spending habits and track expenses? - Answer Bank Statement Which additional information would the housing counselor need to prepare a household budget? - Answer Net Income What is the maximum percent of area median income ...
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...
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Add to cartWhich 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...
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...
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Add to cartAll 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...
Federal law granting citizenship to former slaves; passed over Johnson's veto. (Race and Color) - Answer Civil Rights Act of 1866 banned discrimination in the rental or sale of housing (Race, color, religion, national origin) - Answer Fair Housing Act of 1968 added gender (sex) to the pro...
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Add to cartFederal law granting citizenship to former slaves; passed over Johnson's veto. (Race and Color) - Answer Civil Rights Act of 1866 banned discrimination in the rental or sale of housing (Race, color, religion, national origin) - Answer Fair Housing Act of 1968 added gender (sex) to the pro...
Front end ratio (parts) - Answer Monthly Housing Expense / Gross Income Back End Ratio (parts) - Answer Monthly housing+debt (on credit report - car loan, credit cards & etc) / Gross Income Renter Ratio - Answer 30% / 36% Conventional Ratio - Answer 28% / 36% FHA (Federal Hou...
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Add to cartFront end ratio (parts) - Answer Monthly Housing Expense / Gross Income Back End Ratio (parts) - Answer Monthly housing+debt (on credit report - car loan, credit cards & etc) / Gross Income Renter Ratio - Answer 30% / 36% Conventional Ratio - Answer 28% / 36% FHA (Federal Hou...
Front end ratio (parts) - Answer Monthly Housing Expense / Gross Income Back End Ratio (parts) - Answer Monthly housing+debt (on credit report - car loan, credit cards & etc) / Gross Income Renter Ratio - Answer 30% / 36% Conventional Ratio - Answer 28% / 36% FHA (Federal Hou...
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Add to cartFront end ratio (parts) - Answer Monthly Housing Expense / Gross Income Back End Ratio (parts) - Answer Monthly housing+debt (on credit report - car loan, credit cards & etc) / Gross Income Renter Ratio - Answer 30% / 36% Conventional Ratio - Answer 28% / 36% FHA (Federal Hou...
Big 3 Housing Laws - Answer -US Housing Act of 1937 -Brooke Amendment 1969/1970 -Qualified Housing and Work Responsibility Act of 1998 (QHWRA) Robert Weaver - Answer HUD Secretary First African American to serve on a cabinet HUD - Answer US Department of Housing and Urban Devel...
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Add to cartBig 3 Housing Laws - Answer -US Housing Act of 1937 -Brooke Amendment 1969/1970 -Qualified Housing and Work Responsibility Act of 1998 (QHWRA) Robert Weaver - Answer HUD Secretary First African American to serve on a cabinet HUD - Answer US Department of Housing and Urban Devel...
HUD - Answer Allocates funds, develops regulations and procedures, contracts with PHAs to carry them out, and monitors PHA performance & compliance. Lease - Answer The contract between a tenant and a landlord Includes: a. The names of the owner and tenant b. The address of the unit ren...
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Add to cartHUD - Answer Allocates funds, develops regulations and procedures, contracts with PHAs to carry them out, and monitors PHA performance & compliance. Lease - Answer The contract between a tenant and a landlord Includes: a. The names of the owner and tenant b. The address of the unit ren...
What does HQS stand for - Answer Housing Quality Standards What year started the Housing and Community Act? and purpose? - Answer 1971 to provide Safe , decent and sanitary housing to low income residents What year was the Conforming Rule implemented and published - Answer 1995 Wha...
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Add to cartWhat does HQS stand for - Answer Housing Quality Standards What year started the Housing and Community Act? and purpose? - Answer 1971 to provide Safe , decent and sanitary housing to low income residents What year was the Conforming Rule implemented and published - Answer 1995 Wha...
What act are limited english proficiency persons protected under? - Answer title VI of the civil rights act of 1964 Which act was passed in 1866? - Answer the civil rights act of 1866 What did the civil rights act of 1866 bill declare? - Answer "all persons born in the United States ...
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Add to cartWhat act are limited english proficiency persons protected under? - Answer title VI of the civil rights act of 1964 Which act was passed in 1866? - Answer the civil rights act of 1866 What did the civil rights act of 1866 bill declare? - Answer "all persons born in the United States ...
Track Income Item to include in budget - Answer Regular Salary, Temporary Jobs, Unemployment compensation, Public assistance Track Income Items not to include in budget - Answer Pre-tax payroll deductions (Retirement funds, Flexible Spending account. Credit Score Documents to use for inco...
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Add to cartTrack Income Item to include in budget - Answer Regular Salary, Temporary Jobs, Unemployment compensation, Public assistance Track Income Items not to include in budget - Answer Pre-tax payroll deductions (Retirement funds, Flexible Spending account. Credit Score Documents to use for inco...
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