1) Ginny’s monthly debt payments total $317 and her share of the rent is $1050, she makes $53,000 per year. What is her back-end or debt-to-income ratio? a) $4416.67 mo. (.309 or 31%) b) $4436.67 mo. (.319 or 31%) c) $4516.67 mo. (.339 or 31%) 2) Jason makes $1,800 per pay period and is paid every other week. Mary works full time at $24.05 per hour. They pay $2,500 in rent and have a combined $11,000 in savings. Their monthly debt payments total $822. What would be their back-end or debt-to-income ratio? a) $3,900 | $50,024 |$4,168.66 |$3,322 |.411 or 41% b) $4,900 | $50,014 |$4,168.66 |$3,322 |.401 or 41% 3) Hugo and Esperanza earn a combined $58,200 per year. Their monthly obligations include: housing expense of $1,450, child care $ 400, student loan payment $99, car payment $299, car insurance premium $44, credit cards totaling $92. What is their back-end or debt-to-income ratio and will they qualify for a conventional loan? a) $ 4,855 per month |Debts total = $1,740 |.44 or 40% |No, they don’t qualify (36%) b) $ 4,850 per month |Debts total = $1,940 |.40 or 40% |No, they don’t qualify (36%) 4) Bria is paid on the 1st and 15th of the month. Her gross pay is $1235. What is her gross monthly income? a) $3,470 b) $2,670 c) $2,470 5) TaQuesua is paid every other week. His gross pay is $966. What is his gross monthly income? a) $2,093 b) $2,123 c) $2,099 6) Tapioca’s gross pay is $519 per week. What is his gross monthly income? a) $2,329 b) $2,249 c) $2,250 7) Rakeeshie is paid every other week. Her gross pay is $ 2,033. Donnie makes $15.50 per hour and works 32 hours per week. What is their gross monthly income? a) Rakeeshie: $4,235 |Donnie: $2,189 | Combined: $6,514 b) Rakeeshie: $4,405 |Donnie: $2,149 | Combined: $6,554 c) Rakeeshie: $4,305 |Donnie: $2,169 | Combined: $6,584 8) Boris and Natasha earn $58,000 per year. What price homes should they be considering? a) up to $184,000 b) up to $124,000 c) up to $174,000 9) Homes in the area cost $350,000. Mildred earns an annual salary of $45,000 from employment and another $1,000 per month from her husband’s retirement. Will they be able to afford to buy in the area? a) $171,000 - No b) $183,000 - Yes c) $181,000 - Yes 10) Twanda earns $1,500 and is paid every other week, will he be able to afford to purchase in an area where average home prices are $110,000? a) $117,000 - Yes b) $187,000 - Yes c) $116,000 - Yes 11) Demetra’s share of the rent is $650 and she makes $47,000 per year. What is her front-end or housing ratio? a) $3,926 GMI | 18% b) $3,516 GMI | 19% c) $3,916 GMI | 17% 12) The credit union offers a home loan product with a 29% front-end or housing ratio. Jamal makes $2,200 per pay period and is paid every other week. Christian works full time at $22.75 per hour. What would be their maximum house payment? a) Jamal - $4,367 |Christian - $3,043 |Combined - $2,226 b) Jamal - $4,767 |Christian - $3,943 |Combined - $2,526 c) Jamal - $4,467 |Christian - $3,913 |Combined - $2,226 13) Shelia and Jesse earn a combined $67,500 per year. How much more of a mortgage payment could they afford each month between a conventional loan and an FHA loan? a) $5,625 | FHA = $1,744 | Conventional = $1,575 |$169 more with an FHA b) $5,623 | FHA = $1,745 | Conventional = $1,335 |$169 more with an FHA c) $5,723 | FHA = $1,714 | Conventional = $1,525 |$169 more with an FHA 14) Total fees and points payable by the borrower at or before closing exceed the larger of 5% of the loan or a fixed amount adjusted annually by the CFPB – a) Home Ownership and Equality Protection Act HOEPA b) Home Ownership and Equal Protection Act HOEPA c) Home Ownership and Equity Protection Act HOEPA 15) The term of the loan does not exceed 30 years a) Qualified Mortgage (QM) b) Quality Mortgage (QM) c) Quarterly Mortgage (QM) 16) Certain creditors such as nonprofits serving low-to-moderate income consumers are exempt from this rule’s requirements – Ability-to-Repay (ATR) a) Ability-to-Repay (ATR) b) Action-to-Repay (ATR) c) Ability-time-Repay (ATR) 17) 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. a) Adjusted Gross Income b) Actual Gross Income c) Anyone Got Itis 18) 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. a) Applied for Impediments b) Analysis of Indictments c) Analysis of Impediments

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