XINNIX GROUND COURSE FINAL EXAM/ MOSTLY TESTED
QUESTIONS AND CORRECT DETAILED ANSWERS| 100%
CORRECT SOLUTIONS/GRADE A+
Terms in this set (114) Original
A veteran has the ability to transfer a portion of their entitlement to
False
another veteran.
1. Gross rent may be considered effective income when an applicant is
planning to rent their current residence after closing on the purchase of False
their new home.
Based on the following scenario, does the borrower qualify within
FNMA guidelines?
PITI: $1,725 monthly
Income: $7,000 No
Debt: $700 car payment, $375 student loan ($2,250 balance), $170
credit card payments ($1,530 balance
, YTD paystubs will be required from a borrower that is self-employed
False
(Schedule C).
The maximum LTV for an FHA purchase is 97%. 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 False
still be used to qualify.
Based on the following scenario, does the borrower qualify within the
FHLMC guidelines?
PITI: $1,375 monthly
No
Income: $4,950 monthly
Debt: $350 car payment, $420 student loan ($4,500 balance), $75 credit
card payments ($850 balance).
One month of the borrower's current house payment must be included
True
when calculating the new loan amount for a cash-out refinance
The qualifying rate for a 7/1 ARM is 2% above the start rate. False
Churning schemes usually involve falsified down payment amounts
False
and falsified appraisals.
, A borrower can use a credit card to pay for their required down
False
payment
A borrower's income is a factor considered when determining the
False
principal limit (maximum loan amount) for a reverse mortgage.
A 30-year conventional loan with an 87% LTV would require 25%
True
mortgage insurance coverage.
A borrower that is self-employed (Schedule C) will typically not be
True
required to provide a YTD paystub.
Loans with an LTV >80% will typically require mortgage insurance.
True
(FNMA/FHLMC)
A fixed-rate second mortgage has the loan amount fully disbursed at
closing. Monthly payments are amortized over the term of the loan. True
Once the balance is paid off the mortgage is closed.
A borrower must qualify at the note rate on a temporary buydown, not
True
the start rate.
QUESTIONS AND CORRECT DETAILED ANSWERS| 100%
CORRECT SOLUTIONS/GRADE A+
Terms in this set (114) Original
A veteran has the ability to transfer a portion of their entitlement to
False
another veteran.
1. Gross rent may be considered effective income when an applicant is
planning to rent their current residence after closing on the purchase of False
their new home.
Based on the following scenario, does the borrower qualify within
FNMA guidelines?
PITI: $1,725 monthly
Income: $7,000 No
Debt: $700 car payment, $375 student loan ($2,250 balance), $170
credit card payments ($1,530 balance
, YTD paystubs will be required from a borrower that is self-employed
False
(Schedule C).
The maximum LTV for an FHA purchase is 97%. 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 False
still be used to qualify.
Based on the following scenario, does the borrower qualify within the
FHLMC guidelines?
PITI: $1,375 monthly
No
Income: $4,950 monthly
Debt: $350 car payment, $420 student loan ($4,500 balance), $75 credit
card payments ($850 balance).
One month of the borrower's current house payment must be included
True
when calculating the new loan amount for a cash-out refinance
The qualifying rate for a 7/1 ARM is 2% above the start rate. False
Churning schemes usually involve falsified down payment amounts
False
and falsified appraisals.
, A borrower can use a credit card to pay for their required down
False
payment
A borrower's income is a factor considered when determining the
False
principal limit (maximum loan amount) for a reverse mortgage.
A 30-year conventional loan with an 87% LTV would require 25%
True
mortgage insurance coverage.
A borrower that is self-employed (Schedule C) will typically not be
True
required to provide a YTD paystub.
Loans with an LTV >80% will typically require mortgage insurance.
True
(FNMA/FHLMC)
A fixed-rate second mortgage has the loan amount fully disbursed at
closing. Monthly payments are amortized over the term of the loan. True
Once the balance is paid off the mortgage is closed.
A borrower must qualify at the note rate on a temporary buydown, not
True
the start rate.
