XINNIX GROUND SCHOOL FINAL PAPER
2026 FULL QUESTIONS AND CORRECT
ANSWERS EXPERT REVIEW GRADED A+
⩥ A borrower's income is a factor considered when determining the
principal limit (maximum loan amount) for a reverse mortgage..
Answer: False
⩥ Unemployment income can not be used as qualifying income.
Answer: False
⩥ On a FHA 203(k) Limited purchase, a borrower is allowed to finance
up to $35,000 for repairs/renovations..
Answer: True
⩥ Which document is not necessary for the builder provide to the
mortgage company on an FHA new construction loan prior to the loan
being cleared to close?.
Answer: Insulation Certificate
⩥ For a project to qualify as a PUD, each individual unit owner must
have membership and is required to pay mandatory assessments.
Answer: True
,⩥ A Loan Officer can locate the summary of the eligibility requirements
for a loan to be sold to a specific lender/investor in the lender specs..
Answer: False
⩥ If a veteran has previously used their VA entitlement and it has not yet
been restored, their COE may show an available amount which is less
that the VA maximum allowable entitlement..
Answer: True
⩥ The monthly MI for an FHA loan is calculated by BASE Loan
Amount x .85% / 12..
Answer: True
⩥ The P&I on an FHA loan is calculated using the TOTAL Loan
Amount..
Answer: True
⩥ When calculating a borrower's income, unreimbursed business
expenses should be subtracted from the gross income..
Answer: True
⩥ Choose the factor below that can be used to offset severely derogatory
credit:.
, Answer: None of the above
⩥ On an ARM, redisclosure of the Truth in Lending is required if the
APR changes more than ____ %.
Answer: .25
⩥ What is the funding fee for a veteran who has not used his/her
eligibility and plans on purchasing a home with 5% down payment?.
Answer: 0-4.99 down =2.30
5-9.99 down =1.65
10+ down =1.40
⩥ Gross rent may be considered effective income when an applicant is
planning to rent their current residence after closing on the purchase of
their new home..
Answer: False
⩥ A fixed-rate second mortgage has the loan amount fully disbursed at
closing. Monthly payments are amortized over the term of the loan.
Once the balance is paid off the mortgage is closed..
Answer: True
2026 FULL QUESTIONS AND CORRECT
ANSWERS EXPERT REVIEW GRADED A+
⩥ A borrower's income is a factor considered when determining the
principal limit (maximum loan amount) for a reverse mortgage..
Answer: False
⩥ Unemployment income can not be used as qualifying income.
Answer: False
⩥ On a FHA 203(k) Limited purchase, a borrower is allowed to finance
up to $35,000 for repairs/renovations..
Answer: True
⩥ Which document is not necessary for the builder provide to the
mortgage company on an FHA new construction loan prior to the loan
being cleared to close?.
Answer: Insulation Certificate
⩥ For a project to qualify as a PUD, each individual unit owner must
have membership and is required to pay mandatory assessments.
Answer: True
,⩥ A Loan Officer can locate the summary of the eligibility requirements
for a loan to be sold to a specific lender/investor in the lender specs..
Answer: False
⩥ If a veteran has previously used their VA entitlement and it has not yet
been restored, their COE may show an available amount which is less
that the VA maximum allowable entitlement..
Answer: True
⩥ The monthly MI for an FHA loan is calculated by BASE Loan
Amount x .85% / 12..
Answer: True
⩥ The P&I on an FHA loan is calculated using the TOTAL Loan
Amount..
Answer: True
⩥ When calculating a borrower's income, unreimbursed business
expenses should be subtracted from the gross income..
Answer: True
⩥ Choose the factor below that can be used to offset severely derogatory
credit:.
, Answer: None of the above
⩥ On an ARM, redisclosure of the Truth in Lending is required if the
APR changes more than ____ %.
Answer: .25
⩥ What is the funding fee for a veteran who has not used his/her
eligibility and plans on purchasing a home with 5% down payment?.
Answer: 0-4.99 down =2.30
5-9.99 down =1.65
10+ down =1.40
⩥ Gross rent may be considered effective income when an applicant is
planning to rent their current residence after closing on the purchase of
their new home..
Answer: False
⩥ A fixed-rate second mortgage has the loan amount fully disbursed at
closing. Monthly payments are amortized over the term of the loan.
Once the balance is paid off the mortgage is closed..
Answer: True
