Xinnix Mock Exam Missed Questions With Correct Marking Scheme

Xinnix Mock Exam Missed Questions
With Correct Marking Scheme

Chris earns $36,000 per year from his primary job. He also has a 2nd job in the
same line of work earning $11.25 per hour. He is only able to work 12 hours a
week on the 2nd job but has been doing so for 8 months. What is his monthly
qualifying income?
A tax-service fee is a non-allowable fee by FHA.


True


Using the information provided, answer the following FHA question:
Sales Price = $137,300
Interest Rate = 6.875%
30-year fixed
Taxes = 1.5%
Homeowners Insurance = .3%
What is the PITI?
The following repairs are allowed under the FHA 203(k) Standard program. (Select
all that apply)
Installing a pool
Interior and exterior painting
Roof replacement
Installing or repairing fencing
When adjusting a 1-Year ARM with 2/6 caps, the rate at the beginning of year 2
will be determined by the Start Rate + Annual Cap or the Fully-indexed rate,
whichever is less. (T/F)


True


HOA dues are included in the PITI calculation. (T/F)

False

Reimbursed business expenses are _______ _______ the borrower's gross
income.