1|Page
XINNIX FINAL EXAM LATEST 2024 WITH
ACTUAL QUESTIONS AND CORRECT VERIFIED
ANSWERS/ALREADY GRADED A+ 100%
GUARANTEED TO PASS CONCEPTS(ALL WHAT
YOU NEED) LATEST EDITION 2024
A veteran has the ability to transfer a portion of their
entitlement to another veteran. - .....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. -
.....ANSWER ...✔✔ False
Based on the following scenario, does the borrower
qualify within FNMA guidelines?
PITI: $1,725 monthly
Income: $7,000
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Debt: $700 car payment, $375 student loan ($2,250
balance), $170 credit card payments ($1,530 balance -
.....ANSWER ...✔✔ No
YTD paystubs will be required from a borrower that is
self-employed (Schedule C). - .....ANSWER ...✔✔
False
The maximum LTV for an FHA purchase is 97%. -
.....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. -
.....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). -
.....ANSWER ...✔✔ No
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One month of the borrower's current house payment
must be included when calculating the new loan amount
for a cash-out refinance - .....ANSWER ...✔✔ True
The qualifying rate for a 7/1 ARM is 2% above the
start rate. - .....ANSWER ...✔✔ False
Churning schemes usually involve falsified down
payment amounts and falsified appraisals. -
.....ANSWER ...✔✔ False
A borrower can use a credit card to pay for their
required down payment - .....ANSWER ...✔✔ False
A borrower's income is a factor considered when
determining the principal limit (maximum loan amount)
for a reverse mortgage. - .....ANSWER ...✔✔ False
A 30-year conventional loan with an 87% LTV would
require 25% mortgage insurance coverage. -
.....ANSWER ...✔✔ True
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A borrower that is self-employed (Schedule C) will
typically not be required to provide a YTD paystub. -
.....ANSWER ...✔✔ True
Loans with an LTV >80% will typically require
mortgage insurance. (FNMA/FHLMC) - .....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. - .....ANSWER ...✔✔ True
A borrower must qualify at the note rate on a
temporary buydown, not the start rate. - .....ANSWER
...✔✔ True
A lender must notify an applicant of action taken within
30 days after receiving a completed application
concerning the lender's approval of, counteroffer to, or
adverse action on the application. - .....ANSWER
...✔✔ True
FNMA and FHLMC are fully backed by the U.S.
Government - .....ANSWER ...✔✔ True
XINNIX FINAL EXAM LATEST 2024 WITH
ACTUAL QUESTIONS AND CORRECT VERIFIED
ANSWERS/ALREADY GRADED A+ 100%
GUARANTEED TO PASS CONCEPTS(ALL WHAT
YOU NEED) LATEST EDITION 2024
A veteran has the ability to transfer a portion of their
entitlement to another veteran. - .....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. -
.....ANSWER ...✔✔ False
Based on the following scenario, does the borrower
qualify within FNMA guidelines?
PITI: $1,725 monthly
Income: $7,000
,2|Page
Debt: $700 car payment, $375 student loan ($2,250
balance), $170 credit card payments ($1,530 balance -
.....ANSWER ...✔✔ No
YTD paystubs will be required from a borrower that is
self-employed (Schedule C). - .....ANSWER ...✔✔
False
The maximum LTV for an FHA purchase is 97%. -
.....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. -
.....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). -
.....ANSWER ...✔✔ No
,3|Page
One month of the borrower's current house payment
must be included when calculating the new loan amount
for a cash-out refinance - .....ANSWER ...✔✔ True
The qualifying rate for a 7/1 ARM is 2% above the
start rate. - .....ANSWER ...✔✔ False
Churning schemes usually involve falsified down
payment amounts and falsified appraisals. -
.....ANSWER ...✔✔ False
A borrower can use a credit card to pay for their
required down payment - .....ANSWER ...✔✔ False
A borrower's income is a factor considered when
determining the principal limit (maximum loan amount)
for a reverse mortgage. - .....ANSWER ...✔✔ False
A 30-year conventional loan with an 87% LTV would
require 25% mortgage insurance coverage. -
.....ANSWER ...✔✔ True
, 4|Page
A borrower that is self-employed (Schedule C) will
typically not be required to provide a YTD paystub. -
.....ANSWER ...✔✔ True
Loans with an LTV >80% will typically require
mortgage insurance. (FNMA/FHLMC) - .....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. - .....ANSWER ...✔✔ True
A borrower must qualify at the note rate on a
temporary buydown, not the start rate. - .....ANSWER
...✔✔ True
A lender must notify an applicant of action taken within
30 days after receiving a completed application
concerning the lender's approval of, counteroffer to, or
adverse action on the application. - .....ANSWER
...✔✔ True
FNMA and FHLMC are fully backed by the U.S.
Government - .....ANSWER ...✔✔ True
