Xinnix Ground School Mortgage Final Exam 2023 Solved
correctly
On an FHA loan the upfront MIP should be included when calculating cash-to-close.
False
The borrower must have 5% of their own funds when putting 15% down on a primary
residence. (FNMA)
False
A 3-Year ARM adjusts every 3 years
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.
False
A HELOC loan has an interest only payment
True
A borrower paid semi-monthly and a borrower paid bi-weekly have the same number of
pay periods per year
False
FHA Case Numbers are tied to the property, not the borrower.
True
Judgments and tax liens are required to be paid off at or prior to loan closing.
(FNMA/FHLMC)
True
Unreimbursed business expenses can be located on Form 2106 of a borrower's
personal tax return.
True
HOA dues are included in the PITI calculation
False
A borrower's brother would like to give her money to help towards the down payment of
her new house. This would be considered....
A gift from a relative and would require a gift letter, as well as proof that the funds have
been transferred to the borrower's account.
VA sets their own maximum loan limits.
False
The monthly MI for an FHA loan is calculated by BASE Loan Amount x .85% /12
True
Redisclosure of the Truth in Lending is required if the PAR changes more than _____%
on a fixed rate loan?
.125
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
True
A room addition is allowed under the FHA 203(k) Limited program.
False
correctly
On an FHA loan the upfront MIP should be included when calculating cash-to-close.
False
The borrower must have 5% of their own funds when putting 15% down on a primary
residence. (FNMA)
False
A 3-Year ARM adjusts every 3 years
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.
False
A HELOC loan has an interest only payment
True
A borrower paid semi-monthly and a borrower paid bi-weekly have the same number of
pay periods per year
False
FHA Case Numbers are tied to the property, not the borrower.
True
Judgments and tax liens are required to be paid off at or prior to loan closing.
(FNMA/FHLMC)
True
Unreimbursed business expenses can be located on Form 2106 of a borrower's
personal tax return.
True
HOA dues are included in the PITI calculation
False
A borrower's brother would like to give her money to help towards the down payment of
her new house. This would be considered....
A gift from a relative and would require a gift letter, as well as proof that the funds have
been transferred to the borrower's account.
VA sets their own maximum loan limits.
False
The monthly MI for an FHA loan is calculated by BASE Loan Amount x .85% /12
True
Redisclosure of the Truth in Lending is required if the PAR changes more than _____%
on a fixed rate loan?
.125
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
True
A room addition is allowed under the FHA 203(k) Limited program.
False
