Xinnix Ground Course Final Exam Questions
And Complete Solutions 2026/27
A veteran has the ability to transfer a portion of their entitlement to another veteran. - Correct
Answer False
1. 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. - Correct Answer False
Based on the following scenario, does the borrower qualify within FNMA guidelines?
PITI: $1,725 monthly
Income: $7,000
Debt: $700 car payment, $375 student loan ($2,250 balance), $170 credit card payments
($1,530 balance - Correct Answer No
YTD paystubs will be required from a borrower that is self-employed (Schedule C). - Correct
Answer False
The maximum LTV for an FHA purchase is 97%. - Correct Answer False
If your borrower is being relocated and needs to close in 30-days, and their spouse will not be
moving for 3 months, the spouse's income can still be used to qualify. - Correct Answer False
Based on the following scenario, does the borrower qualify within the FHLMC guidelines?
PITI: $1,375 monthly
Income: $4,950 monthly
Debt: $350 car payment, $420 student loan ($4,500 balance), $75 credit card payments ($850
balance). - Correct Answer No
, One month of the borrower's current house payment must be included when calculating the
new loan amount for a cash-out refinance - Correct Answer True
The qualifying rate for a 7/1 ARM is 2% above the start rate. - Correct Answer False
Churning schemes usually involve falsified down payment amounts and falsified appraisals. -
Correct Answer False
A borrower can use a credit card to pay for their required down payment - Correct Answer
False
A borrower's income is a factor considered when determining the principal limit (maximum loan
amount) for a reverse mortgage. - Correct Answer False
A 30-year conventional loan with an 87% LTV would require 25% mortgage insurance coverage. -
Correct Answer True
A borrower that is self-employed (Schedule C) will typically not be required to provide a YTD
paystub. - Correct Answer True
Loans with an LTV >80% will typically require mortgage insurance. (FNMA/FHLMC) - Correct
Answer True
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. -
Correct Answer True
And Complete Solutions 2026/27
A veteran has the ability to transfer a portion of their entitlement to another veteran. - Correct
Answer False
1. 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. - Correct Answer False
Based on the following scenario, does the borrower qualify within FNMA guidelines?
PITI: $1,725 monthly
Income: $7,000
Debt: $700 car payment, $375 student loan ($2,250 balance), $170 credit card payments
($1,530 balance - Correct Answer No
YTD paystubs will be required from a borrower that is self-employed (Schedule C). - Correct
Answer False
The maximum LTV for an FHA purchase is 97%. - Correct Answer False
If your borrower is being relocated and needs to close in 30-days, and their spouse will not be
moving for 3 months, the spouse's income can still be used to qualify. - Correct Answer False
Based on the following scenario, does the borrower qualify within the FHLMC guidelines?
PITI: $1,375 monthly
Income: $4,950 monthly
Debt: $350 car payment, $420 student loan ($4,500 balance), $75 credit card payments ($850
balance). - Correct Answer No
, One month of the borrower's current house payment must be included when calculating the
new loan amount for a cash-out refinance - Correct Answer True
The qualifying rate for a 7/1 ARM is 2% above the start rate. - Correct Answer False
Churning schemes usually involve falsified down payment amounts and falsified appraisals. -
Correct Answer False
A borrower can use a credit card to pay for their required down payment - Correct Answer
False
A borrower's income is a factor considered when determining the principal limit (maximum loan
amount) for a reverse mortgage. - Correct Answer False
A 30-year conventional loan with an 87% LTV would require 25% mortgage insurance coverage. -
Correct Answer True
A borrower that is self-employed (Schedule C) will typically not be required to provide a YTD
paystub. - Correct Answer True
Loans with an LTV >80% will typically require mortgage insurance. (FNMA/FHLMC) - Correct
Answer True
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. -
Correct Answer True
