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HUD Housing Counselor Exam /71 Questions And
Answers 100% Score!!!!!
Quiz :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
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Quiz :Adjusted Gross Income - Answer :Gross income minus adjustments, or
reductions, that one is eligible for, such as deductions for unreimbursed
business expenses, tuition and fees, and contributions to certain retirement
accounts
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It covers public and private policies, practices, and procedures affecting
housing choice
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The AI supports fair housing planning;
provides essential information to policy makers, administrative staff, housing
providers, lenders, and fair housing advocates; and assists in building public
support for fair housing efforts
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Determined annually by HUD, the figure often is used as a basis to
stratify incomes into very low, low, moderate, and above moderate
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Quiz :Arrearages - Answer :The total amount of past due payments owed to a
lender from a borrower in mortgage payments or to a landlord from a tenant
in rental payments
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Quiz :Assistance Animal - Answer :An assistance animal is not considered a
pet
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For purposes of reasonable accommodation requests, the Fair Housing Act
does not require an assistance animal to be individually trained or certified
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Quiz :Association Dues - Answer :Charged by a community or Homeowners
Association to pay for repairs, upkeep, landscaping, improvements, and
property management
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Frequently used by lenders to qualify borrowers for a
mortgage
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Quiz :Balloon Payment - Answer :An oversize payment due at the end of a
mortgage
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Quiz :Cash-for-keys - Answer :An alternative to a legal eviction following
foreclosure
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Certain conditions apply,
such as returning the property in broom-clean condition and with all
appliances
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Typical closing costs can include loan
origination fees, discount points, appraisal fee, survey, title insurance, legal
fees, real estate professional fees, prepayments of taxes and insurance, etc
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Quiz :Collection - Answer :An account in default with an original creditor and
sold to a third-party debt collector that will continue attempts to collect past
due payments
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Quiz :Complainant - Answer :A person, group, or company that files a
complaint which claims that someone has violated a law
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Quiz :Conciliation Agreement - Answer :A written agreement setting terms for
the resolution of the issues in conciliation
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Quiz :Conventional Loan - Answer :A mortgage loan backed by private
lenders
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Quiz :Conventional Mortgage - Answer :A private sector loan typically issued
to borrowers with high credit ratings
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S
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Quiz :Credit Score - Answer :The numerical interpretation of a consumer's
creditworthiness based on information in his or her credit report
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Frequently used by lenders to qualify borrowers for a
mortgage
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Quiz :Deed-in-Lieu - Answer :A process that allows a homeowner to avoid
foreclosure, providing a deed "in lieu" of foreclosure to the lender
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Though it helps avoid foreclosure, the process does not allow the
homeowner to stay in the home
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These terms are transferred with the property deed
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Also known as a covenant,
condition, restriction, or restrictive covenant
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Mortgage loans are typically considered in default
when a payment has not been made after 60 to 90 days
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Quiz :Delinquent - Answer :The failure of a borrower to make timely mortgage
payments under a loan agreement
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Quiz :Discount Points - Answer :A type of pre-paid interest normally paid at
closing and generally calculated to be equivalent to 1% of the total loan
amount
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You
can purchase a lender-determined number of discount points to give you a
lower rate and lower monthly mortgage payment
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Quiz :DPA - Answer :Down Payment Assistance
Quiz :Dr
...
- Answer :Dr
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Using nonviolent methods, he
fought for racial equality in all spheres of life, including employment,
education, and housing
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Restricted by the CFPB mortgage servicing regulations
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Quiz :Equity - Answer :Value of ownership interest in property
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Quiz :Escrow - Answer :Funds to be used for specific purposes by parties
carrying out a mutual transaction, deposited with a third party
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Quiz :Escrow Account - Answer :An account in which escrow funds are held to
be used for specific purposes by parties carrying out a mutual transaction
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Quiz :Eviction - Answer :A legal process by which someone is expelled from a
property, usually a tenant from a rental property
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Quiz :Fair Housing Initiatives Program (FHIP) - Answer :Provides funding to fair
housing organizations and nonprofits that assist people who may have been
victims of housing discrimination
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Factored by geography and unit size, it
sets payment standards for public housing programs
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FICO (Fair Isaac Corporation) is the most commonly used scoring model
for lending and credit decisions in the U
...
, though other scoring modules do
exist
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Consumers
have a FICO score from each of the three credit reporting agencies - Equifax,
Experian, and Transunion
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Quiz :First-Time Homebuyer - Answer :An individual who has not owned a
primary residence for at least three years prior to purchasing a home
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A married couple is considered a first-time
homebuyer is either spouse meets the criteria
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Typically comes in a 30-year or 15-year term
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Foreclosure laws are based on
the statutes of each state
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These grants are administered by state
and local administrations
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Frequently used
by lenders to qualify borrowers for a mortgage
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Quiz :GFE - Answer :Good Faith Estimate
Quiz :GSE Loan or Mortgage - Answer :A government-sponsored enterprise,
or GSE, is a financial services entity created by Congress
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Quiz :Gross Income - Answer :Money earned before taxes and other
deductions
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Quiz :Ground Rent - Answer :An arrangement in which the owner of a
dwelling or structure does not own the land on which the structure resides
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Quiz :HAMP - Answer :Home Affordable Modification Program, a component
of Making Home Affordable
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Quiz :HOA - Answer :Homeowners Association
Quiz :HOEPA - Answer :Home Ownership and Equity Protections Act
Quiz :Home Equity Line of Credit (HELOC) - Answer :A home equity line of
credit, or HELOC, is a line of credit that you can take from at any time during
the draw period, up to your credit limit
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Quiz :HOME Investment Partnership Program (HOME Program) - Answer
:HUD program that provides grants to states and localities for building, buying,
and/or rehabilitating affordable housing for rent or homeownership or
providing direct rental assistance to low-income people
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Additionally, it can offer protection to homeowners against losses
resulting from liability claims from accidents occurring on the property
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Quiz :HOPWA - Answer :Housing Opportunities for Persons with AIDS
Quiz :Housing Choice Voucher Program (Section 8) - Answer :The Housing
Choice Voucher Program, commonly referred to as Section 8, is the federal
government's major program fro assisting very low-income families, the
elderly, and the disabled to afford decent, safe and sanitary housing in the
private market
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Housing choice vouchers are administered locally by public
housing agencies, or PHAs, which receive federal funds from HUD for program
administration
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Frequently used
by lenders to qualify borrowers for a mortgage
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Quiz :Imminent Default - Answer :When default is reasonably foreseeable
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With FHA mortgages, borrowers facing imminent default are
defined as those who are current or less than 30 days past due on the
mortgage obligation and are experiencing a hardship that prevents them from
making the next payment
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Interest in the interest
rate the bank charges you for borrowing their money
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The record remains on a debtor's credit report for seven years whether paid or
unpaid, but the negative effect is greater if unpaid
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Acts as a defect on the

title and must be settled before transfer or ownership
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