XINNIX STUDY GUIDE 2026 EXAM QUESTIONS AND SOLUTIONS RATED

XINNIX STUDY GUIDE 2026 EXAM QUESTIONS AND
SOLUTIONS RATED A+
✔✔A borrower requesting a jumbo loan will qualify for an agency loan - ✔✔False

✔✔A borrower that is self-employed (Schedule C) will typically not be required to
provide a YTD paystub. - ✔✔True

✔✔Which agency allows a borrower to qualify at the start rate for qualifying on a fixed
rate with Buydown? - ✔✔NOT FNMA, FHA, or FHLMC so its VA

✔✔A borrower's income is a factor considered when determining the principal limit
(maximum loan amount) for a reverse mortgage. - ✔✔False

✔✔An origination fee may be paid by the borrower on an FHA loan - ✔✔True

✔✔Churning schemes usually involve falsified down payment amounts and falsified
appraisals - ✔✔False

✔✔FNMA and FHLMC define a large deposit as any single deposit that exceeds 50% of
the borrower's total monthly qualifying - ✔✔True

✔✔HomeOne will allow up to 97% LTV for a primary residence, 1-Unit purchase if at
least one of the borrowers has not owned a home in the last 3 years. A borrower who
has not owned a home in the last three years is considered a first-time home buyer
under HomeOne - ✔✔True

✔✔A partner's percentage of ownership and earnings can be located on Schedule E
part II of their personal tax returns. - ✔✔False

✔✔Residual income is the amount of income available for family support after taxes and
social security expense have been subtracted from the gross income and after PITI and
other long-term debt has been paid. - ✔✔Response: True
Feedback: See Course 6, Lesson 1

✔✔FHA Case Numbers are tied to the property, not the borrower. - ✔✔Response: True
Feedback: See Course 5, Lesson 1

✔✔What is the minimum coverage required on the hazard insurance policy? (select all
that apply) - ✔✔Response: Loan amount
Response: Replacement amount
Feedback: See Course 9, Lesson 7

, ✔✔HOA dues should be added to the PITI for the purpose of calculating ratios when
qualifying a borrower. - ✔✔Response: True
Feedback: See Course 3, Lesson 2

✔✔An origination fee may be paid by the borrower on an FHA loan. - ✔✔Response:
True
Feedback: See Course 5, Lesson 1

✔✔When considering a FHLMC loan, the maximum allowable ratios for the owner
occupant when using a non-occupant co-borrower are 35/43. - ✔✔Response: True
Feedback: See Course 4, Lesson 1

✔✔Which of the following is the correct list of charges included when calculating the
borrower's cash-to-close? - ✔✔Response: Down Payment, Closing Costs, Prepaids,
Discount Points, MI paid in cash (UFMIP/FF)
Feedback: See Course 3, Lesson 4

✔✔A borrower that is self-employed (Schedule C) will typically not be required to
provide a YTD paystub. - ✔✔Response: True
Feedback: See Course 8, Lesson 5

✔✔A partner's percentage of ownership and earnings can be located on Schedule E
part II of their personal tax returns. - ✔✔Response: False
Feedback: See Course 8, Lesson 5

✔✔It is ultimately the ____________ responsibility to take a thorough loan application,
to make sure all required documents are requested, and to effectively relay the decision
to the borrowers. - ✔✔Response:
Feedback: See Course 8, Lesson 1

✔✔Unemployment income cannot be used as qualifying income. - ✔✔Response: False
Feedback: See Course 4, Lesson 4

✔✔HomeOneSM will allow up to 97% LTV if at least one of the borrowers has not
owned a home in the last 3 years. A borrower who has not owned a home in the last
three years is considered a first-time home buyer under HomeOneSM - ✔✔Response:
True
Feedback: See Course 7, Lesson 3

✔✔Using the following information, answer the following conventional financed MI loan
question.
Sales Price = $185,000
Down Payment = 10%
Credit Score = 635