Mock Exam Question and answers already passed 2023

Mock Exam Question and answers already passed 2023 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. - correct answer Response: True Feedback: See Course 6, Lesson 1 FHA Case Numbers are tied to the property, not the borrower. - correct answer Response: True Feedback: See Course 5, Lesson 1 What is the minimum coverage required on the hazard insurance policy? (select all that apply) - correct answer 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. - correct answer Response: True Feedback: See Course 3, Lesson 2 An origination fee may be paid by the borrower on an FHA loan. - correct answer 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. - correct answer Response: True Feedback: See Course 4, Lesson 1