XINNIX ACTUAL 2026 CORE EXAM TEST QUESTIONS AND
SOLUTIONS RATED A+
✔✔Chris earns $36,000 per year from his primary job. He also has a 2nd job in the
same line of work earning $11.25 per hour. He is only able to work 12 hours a week on
the second job but has been doing so for 8 months. What is his monthly qualifying
income? - ✔✔$3,000 (Don't add second job because he has only been doing it for 8
months)
✔✔What is the Largest house payment Ms. Joyce can have with her current income of
$92,650 per year considering she has a $525 car payment and and $0 in credit cards?
(FHLMC) - ✔✔$2,254.50
✔✔What is the maximum seller Contribution allowed for an INVESTMENT property at
80% LTV (FNMA/ FHLMC) - ✔✔2%
✔✔Using the information provided answer the following Cash-Out Refinance question
(FNMA).
Value=$276,000 balance=$180,000 Current payment=$2,133
Cash-Out= $30,000 Closing Cost=2.5% Prepaids=1%
What is the new Loan amount/LTV? - ✔✔$220,143/79.76
✔✔Which of the following is the correct list of charges included when calculating the
borrower's Cash to Close? - ✔✔down payment, closing costs, prepaids, discount points,
mi paid in cash (UFMIP/FF)
✔✔Revolving and open-end accounts can be omitted from the debt ratio if the minimum
monthly required payment will pay off the account in less than 10 months. - ✔✔false
✔✔VA purchase & Construction Loans Zero to 4.99% down payment First time use: -
✔✔2.30%
✔✔VA Purchase & Construction Loans Subsequent use: - ✔✔3.60%
✔✔VA Purchase & Construction Loans 5% to 9.99% First time use: - ✔✔1.65%
✔✔VA Purchase & Construction Loans 5% to 9.99% down Subsequent use: -
✔✔1.65%
✔✔VA Purchase & Construction Loans 10% or more First time use: - ✔✔1.40%
✔✔VA Purchase & Construction Loans 10% or more Subsequent use: - ✔✔1.40%
, ✔✔VA Cash Out Refinance Loans Regular Military First & Subsequent use: - ✔✔2.30%,
3.60%
✔✔On an FHA Loan the upfront MIP should be included when calculating Cash to
Close. - ✔✔false
✔✔Using the information provided, answer the following question:
Sales price= $166,000
Interest Rate on a 30 year fixed rate 1st mortgage=5.125%
Interest rate on HELOC 2nd mortgage 4.50%
Down Payment=10%
Second Mortgage=10%
Taxes=$250 monthly
Homeowners insurance=$65 monthly
What is the PITI (include the equity line payment) - ✔✔$1,100.33
(80/10/10 Hint)
✔✔If gift funds will be utilized in the purchase, what documentation is required? -
✔✔1)Gift letter stating the amount of the gift, that it doesn't need to be repaid, and the
donor is a is a family member.
2) Verification that the borrower has deposited the funds into an account.
✔✔What is the funding fee for a Veteran who has not used his/her eligibility and plans
on purchasing a home with 5% down payment? - ✔✔1.65%
✔✔Which of the following are important considerations when considering a self
employed borrower? - ✔✔Demand for the products and services offered, financial
strength of the business and stability of income
✔✔Maximum Seller concessions on Conventional, VA and FHA loans: - ✔✔3%
Conventional, 4% VA and 6% FHA
✔✔The following repairs are allowed under the FHA 203(k) Standard program. -
✔✔1)Roof replacement, 2)installing or repairing fencing,
3)interior and exterior painting
✔✔Interest and Dividend income for a borrower can be located on Schedule B of their
tax returns. - ✔✔true
✔✔the maximum LTV for an FHA purchase is 97%? - ✔✔false
SOLUTIONS RATED A+
✔✔Chris earns $36,000 per year from his primary job. He also has a 2nd job in the
same line of work earning $11.25 per hour. He is only able to work 12 hours a week on
the second job but has been doing so for 8 months. What is his monthly qualifying
income? - ✔✔$3,000 (Don't add second job because he has only been doing it for 8
months)
✔✔What is the Largest house payment Ms. Joyce can have with her current income of
$92,650 per year considering she has a $525 car payment and and $0 in credit cards?
(FHLMC) - ✔✔$2,254.50
✔✔What is the maximum seller Contribution allowed for an INVESTMENT property at
80% LTV (FNMA/ FHLMC) - ✔✔2%
✔✔Using the information provided answer the following Cash-Out Refinance question
(FNMA).
Value=$276,000 balance=$180,000 Current payment=$2,133
Cash-Out= $30,000 Closing Cost=2.5% Prepaids=1%
What is the new Loan amount/LTV? - ✔✔$220,143/79.76
✔✔Which of the following is the correct list of charges included when calculating the
borrower's Cash to Close? - ✔✔down payment, closing costs, prepaids, discount points,
mi paid in cash (UFMIP/FF)
✔✔Revolving and open-end accounts can be omitted from the debt ratio if the minimum
monthly required payment will pay off the account in less than 10 months. - ✔✔false
✔✔VA purchase & Construction Loans Zero to 4.99% down payment First time use: -
✔✔2.30%
✔✔VA Purchase & Construction Loans Subsequent use: - ✔✔3.60%
✔✔VA Purchase & Construction Loans 5% to 9.99% First time use: - ✔✔1.65%
✔✔VA Purchase & Construction Loans 5% to 9.99% down Subsequent use: -
✔✔1.65%
✔✔VA Purchase & Construction Loans 10% or more First time use: - ✔✔1.40%
✔✔VA Purchase & Construction Loans 10% or more Subsequent use: - ✔✔1.40%
, ✔✔VA Cash Out Refinance Loans Regular Military First & Subsequent use: - ✔✔2.30%,
3.60%
✔✔On an FHA Loan the upfront MIP should be included when calculating Cash to
Close. - ✔✔false
✔✔Using the information provided, answer the following question:
Sales price= $166,000
Interest Rate on a 30 year fixed rate 1st mortgage=5.125%
Interest rate on HELOC 2nd mortgage 4.50%
Down Payment=10%
Second Mortgage=10%
Taxes=$250 monthly
Homeowners insurance=$65 monthly
What is the PITI (include the equity line payment) - ✔✔$1,100.33
(80/10/10 Hint)
✔✔If gift funds will be utilized in the purchase, what documentation is required? -
✔✔1)Gift letter stating the amount of the gift, that it doesn't need to be repaid, and the
donor is a is a family member.
2) Verification that the borrower has deposited the funds into an account.
✔✔What is the funding fee for a Veteran who has not used his/her eligibility and plans
on purchasing a home with 5% down payment? - ✔✔1.65%
✔✔Which of the following are important considerations when considering a self
employed borrower? - ✔✔Demand for the products and services offered, financial
strength of the business and stability of income
✔✔Maximum Seller concessions on Conventional, VA and FHA loans: - ✔✔3%
Conventional, 4% VA and 6% FHA
✔✔The following repairs are allowed under the FHA 203(k) Standard program. -
✔✔1)Roof replacement, 2)installing or repairing fencing,
3)interior and exterior painting
✔✔Interest and Dividend income for a borrower can be located on Schedule B of their
tax returns. - ✔✔true
✔✔the maximum LTV for an FHA purchase is 97%? - ✔✔false
