XINNIX GROUND SCHOOL FINAL
EXAM STUDY 2026 COMPLETE
QUESTIONS AND ANSWERS
PRACTICE SOLUTION GRADED A+
Which of the following is the correct list of charges included when calculating the
borrower's cash-to-close? - ANSWERSDown payment, closing costs, prepaids, discount
points, MI paid in cash (UFMIP/FF)
There is no minimum needed to run/submit both HomeOne and Home Possible through
an automated underwriting system - ANSWERSTrue
A partner's percentage of ownership and earnings can be located on Schedule E part II
of their personal tax returns - ANSWERSFalse
lender-paid mortgage insurance (LPMI) is a one-time single premium paid by the lender.
In turn, the lender increases the borrower's interest rate to cover the cost of the
mortgage insurance paid on their behalf - ANSWERSTrue
Except for high-cost areas, the maximum loan amount on a 1-unit, single family
residence is $647,200 - ANSWERSTrue
A borrower who has made an offer on a property, but has not yet provided their
paystubs, bank statements and W2s would be issued what letter? - ANSWERSPre-
Qualification Letter
Judgements and tax liens are required to be paid off at or prior to closing
(FNMA/FHLMC) - ANSWERSTrue
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 - ANSWERSTrue
If a student loan payment is deferred, it does not have to be included in the borrowers
ratios (FNMA/FHLMC) - ANSWERSFalse
FHA Case Numbers are tied to the property, not the borrower. - ANSWERSTrue
, YTD paystubs will be required from a borrower that is self-employed (Schedule C). -
ANSWERSFalse
A borrower that is self-employed (Schedule C) will typically not be required to provide a
YTD paystub - ANSWERSTrue
The builder must provide an appraisal certificate to the mortgage company on an FHA
new construction loan prior to closing - ANSWERSFalse
What is the maximum seller contribution allowed for a primary residence at 85% LTV
(FNMA/FHLMC) - ANSWERS6%
When taking an application for a VA loan on new construction, it is very important to
order the appraisal: - ANSWERSWhen the house is completed
A tax-service fee is a non-allowable fee by FHA - ANSWERSTrue
If gift funds will be utilized in the purchase, what documentation is required? -
ANSWERSGift letter stating the amount of the gift, that it doesn't need to be repaid, and
the donor is a family member. Verification that the donor has the funds available to
make the gift. and Verification that the borrower has deposited the funds into an account
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 - ANSWERSTrue
Joint tenants with right of survivorship (JTWROS) is an acceptable manner in which title
may be held - ANSWERSTrue
If a borrower qualifies for an agency loan of $215,000, FHLMC is a viable loan option -
ANSWERSTrue
Unless a borrower can document extenuating circumstances they must wait at least 7
years from a Chapter 7 bankruptcy - ANSWERSFalse
FNMA and FHLMC define a large deposit as any single deposit that exceeds 50% of the
borrower's total monthly qualifying - ANSWERSTrue
A HUD consultant would not be required for an FHA 203(k) Standard program -
ANSWERSFalse
A borrower's income is a factor considered when determining the principal limit
(maximum loan amount) for a reverse mortgage - ANSWERSFalse
EXAM STUDY 2026 COMPLETE
QUESTIONS AND ANSWERS
PRACTICE SOLUTION GRADED A+
Which of the following is the correct list of charges included when calculating the
borrower's cash-to-close? - ANSWERSDown payment, closing costs, prepaids, discount
points, MI paid in cash (UFMIP/FF)
There is no minimum needed to run/submit both HomeOne and Home Possible through
an automated underwriting system - ANSWERSTrue
A partner's percentage of ownership and earnings can be located on Schedule E part II
of their personal tax returns - ANSWERSFalse
lender-paid mortgage insurance (LPMI) is a one-time single premium paid by the lender.
In turn, the lender increases the borrower's interest rate to cover the cost of the
mortgage insurance paid on their behalf - ANSWERSTrue
Except for high-cost areas, the maximum loan amount on a 1-unit, single family
residence is $647,200 - ANSWERSTrue
A borrower who has made an offer on a property, but has not yet provided their
paystubs, bank statements and W2s would be issued what letter? - ANSWERSPre-
Qualification Letter
Judgements and tax liens are required to be paid off at or prior to closing
(FNMA/FHLMC) - ANSWERSTrue
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 - ANSWERSTrue
If a student loan payment is deferred, it does not have to be included in the borrowers
ratios (FNMA/FHLMC) - ANSWERSFalse
FHA Case Numbers are tied to the property, not the borrower. - ANSWERSTrue
, YTD paystubs will be required from a borrower that is self-employed (Schedule C). -
ANSWERSFalse
A borrower that is self-employed (Schedule C) will typically not be required to provide a
YTD paystub - ANSWERSTrue
The builder must provide an appraisal certificate to the mortgage company on an FHA
new construction loan prior to closing - ANSWERSFalse
What is the maximum seller contribution allowed for a primary residence at 85% LTV
(FNMA/FHLMC) - ANSWERS6%
When taking an application for a VA loan on new construction, it is very important to
order the appraisal: - ANSWERSWhen the house is completed
A tax-service fee is a non-allowable fee by FHA - ANSWERSTrue
If gift funds will be utilized in the purchase, what documentation is required? -
ANSWERSGift letter stating the amount of the gift, that it doesn't need to be repaid, and
the donor is a family member. Verification that the donor has the funds available to
make the gift. and Verification that the borrower has deposited the funds into an account
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 - ANSWERSTrue
Joint tenants with right of survivorship (JTWROS) is an acceptable manner in which title
may be held - ANSWERSTrue
If a borrower qualifies for an agency loan of $215,000, FHLMC is a viable loan option -
ANSWERSTrue
Unless a borrower can document extenuating circumstances they must wait at least 7
years from a Chapter 7 bankruptcy - ANSWERSFalse
FNMA and FHLMC define a large deposit as any single deposit that exceeds 50% of the
borrower's total monthly qualifying - ANSWERSTrue
A HUD consultant would not be required for an FHA 203(k) Standard program -
ANSWERSFalse
A borrower's income is a factor considered when determining the principal limit
(maximum loan amount) for a reverse mortgage - ANSWERSFalse
