XINNIX Ground School Final (Questions & Answers)
Rated 100%
/.Which of the following is the correct list of charges included when calculating the
borrower's cash-to-close? - Answer-✅Down payment, closing costs, prepaids, discount
points, MI paid in cash (UFMIP/FF)
/.There is no minimum needed to run/submit both HomeOne and Home Possible
through an automated underwriting system - Answer-✅True
/.A partner's percentage of ownership and earnings can be located on Schedule E part
II of their personal tax returns - Answer-✅False
/.lender-paid mortgage insurance (LPMI) is a one-time single premium paid by the
lender. In turn, the lender increases the borrower's interest rate to cover the cost of the
mortgage insurance paid on their behalf - Answer-✅True
/.Except for high-cost areas, the maximum loan amount on a 1-unit, single family
residence is $647,200 - Answer-✅True
/.A borrower who has made an offer on a property, but has not yet provided their
paystubs, bank statements and W2s would be issued what letter? - Answer-✅Pre-
Qualification Letter
/.Judgements and tax liens are required to be paid off at or prior to closing
(FNMA/FHLMC) - Answer-✅True
/.HomeOne will allow up to 97% LTV for a primary residence, 1-Unit purchase if at least
one of the borrowers has not owned a home in the last 3 years. A borrower who has not
owned a home in the last three years is considered a first-time home buyer under
HomeOne - Answer-✅True
/.If a student loan payment is deferred, it does not have to be included in the borrowers
ratios (FNMA/FHLMC) - Answer-✅False
/.FHA Case Numbers are tied to the property, not the borrower. - Answer-✅True
/.YTD paystubs will be required from a borrower that is self-employed (Schedule C). -
Answer-✅False
, /.A borrower that is self-employed (Schedule C) will typically not be required to provide
a YTD paystub - Answer-✅True
/.The builder must provide an appraisal certificate to the mortgage company on an FHA
new construction loan prior to closing - Answer-✅False
/.What is the maximum seller contribution allowed for a primary residence at 85% LTV
(FNMA/FHLMC) - Answer-✅6%
/.When taking an application for a VA loan on new construction, it is very important to
order the appraisal: - Answer-✅When the house is completed
/.A tax-service fee is a non-allowable fee by FHA - Answer-✅True
/.If gift funds will be utilized in the purchase, what documentation is required? - Answer-
✅Gift letter stating the amount of the gift, that it doesn't need to be repaid, and the
donor is a family member. Verification that the donor has the funds available to make
the gift. and Verification that the borrower has deposited the funds into an account
/.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 - Answer-✅True
/.Joint tenants with right of survivorship (JTWROS) is an acceptable manner in which
title may be held - Answer-✅True
/.If a borrower qualifies for an agency loan of $215,000, FHLMC is a viable loan option -
Answer-✅True
/.Unless a borrower can document extenuating circumstances they must wait at least 7
years from a Chapter 7 bankruptcy - Answer-✅False
/.FNMA and FHLMC define a large deposit as any single deposit that exceeds 50% of
the borrower's total monthly qualifying - Answer-✅True
/.A HUD consultant would not be required for an FHA 203(k) Standard program -
Answer-✅False
/.A borrower's income is a factor considered when determining the principal limit
(maximum loan amount) for a reverse mortgage - Answer-✅False
/.Based on a loan amount of $225,000, how many years will it take your customer to
break-even if they choose to pay 1.5% in discount points to secure an interest rate of
6.00% as opposed to zero points for a 6.25% rate? - Answer-✅7.73 years
Rated 100%
/.Which of the following is the correct list of charges included when calculating the
borrower's cash-to-close? - Answer-✅Down payment, closing costs, prepaids, discount
points, MI paid in cash (UFMIP/FF)
/.There is no minimum needed to run/submit both HomeOne and Home Possible
through an automated underwriting system - Answer-✅True
/.A partner's percentage of ownership and earnings can be located on Schedule E part
II of their personal tax returns - Answer-✅False
/.lender-paid mortgage insurance (LPMI) is a one-time single premium paid by the
lender. In turn, the lender increases the borrower's interest rate to cover the cost of the
mortgage insurance paid on their behalf - Answer-✅True
/.Except for high-cost areas, the maximum loan amount on a 1-unit, single family
residence is $647,200 - Answer-✅True
/.A borrower who has made an offer on a property, but has not yet provided their
paystubs, bank statements and W2s would be issued what letter? - Answer-✅Pre-
Qualification Letter
/.Judgements and tax liens are required to be paid off at or prior to closing
(FNMA/FHLMC) - Answer-✅True
/.HomeOne will allow up to 97% LTV for a primary residence, 1-Unit purchase if at least
one of the borrowers has not owned a home in the last 3 years. A borrower who has not
owned a home in the last three years is considered a first-time home buyer under
HomeOne - Answer-✅True
/.If a student loan payment is deferred, it does not have to be included in the borrowers
ratios (FNMA/FHLMC) - Answer-✅False
/.FHA Case Numbers are tied to the property, not the borrower. - Answer-✅True
/.YTD paystubs will be required from a borrower that is self-employed (Schedule C). -
Answer-✅False
, /.A borrower that is self-employed (Schedule C) will typically not be required to provide
a YTD paystub - Answer-✅True
/.The builder must provide an appraisal certificate to the mortgage company on an FHA
new construction loan prior to closing - Answer-✅False
/.What is the maximum seller contribution allowed for a primary residence at 85% LTV
(FNMA/FHLMC) - Answer-✅6%
/.When taking an application for a VA loan on new construction, it is very important to
order the appraisal: - Answer-✅When the house is completed
/.A tax-service fee is a non-allowable fee by FHA - Answer-✅True
/.If gift funds will be utilized in the purchase, what documentation is required? - Answer-
✅Gift letter stating the amount of the gift, that it doesn't need to be repaid, and the
donor is a family member. Verification that the donor has the funds available to make
the gift. and Verification that the borrower has deposited the funds into an account
/.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 - Answer-✅True
/.Joint tenants with right of survivorship (JTWROS) is an acceptable manner in which
title may be held - Answer-✅True
/.If a borrower qualifies for an agency loan of $215,000, FHLMC is a viable loan option -
Answer-✅True
/.Unless a borrower can document extenuating circumstances they must wait at least 7
years from a Chapter 7 bankruptcy - Answer-✅False
/.FNMA and FHLMC define a large deposit as any single deposit that exceeds 50% of
the borrower's total monthly qualifying - Answer-✅True
/.A HUD consultant would not be required for an FHA 203(k) Standard program -
Answer-✅False
/.A borrower's income is a factor considered when determining the principal limit
(maximum loan amount) for a reverse mortgage - Answer-✅False
/.Based on a loan amount of $225,000, how many years will it take your customer to
break-even if they choose to pay 1.5% in discount points to secure an interest rate of
6.00% as opposed to zero points for a 6.25% rate? - Answer-✅7.73 years
