EL102: Module 2 - Housing Affordability
This module has two sub modules. Module 2.1 explains the difference between renting and buying, and how counselors help clients determine what type of housing is most appropriate for them, depending on their circumstances. We learn how to calculate housing front- and back-end ratios using consumer income and debt information. We also discuss the benefits and drawbacks of renting versus owning a home, including differences in payments, upfront costs and tax implications. We evaluate housing options and the costs and benefits of each. We explain the funds that home buyers need to close on a mortgage and money renters need to sign a lease. Module 2 covers affordable housing options. Counselors learn about the different types of mortgages and related costs, including mortgage insurance. Down payment assistance funds and sources of rental assistance are discussed, including Section 8.
This training is part of a six part series to help housing counselors pass the HUD exam. This training is self paced and can be taken at the convenience of your schedule. Register to get access.
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