6/24/26, 6:11 PM Xinnix Final Exam | Questions with Correct Answers 2026 latest update!! - Questions & Answers | Latest Already Graded A+ Flashc…
Xinnix Final Exam | Questions with Correct
Answers 2026 latest update!! - Questions &
Answers | Latest Already Graded A+
Save Add to calendar
Terms in this set (125)
On an FHA loan the upfront MIP False
should be included when calculating
cash-to-close.
The borrower must have 5% of their False
own funds when putting 15% down
on a primary residence. (FNMA)
A 3-Year ARM adjusts every 3 years True
A Loan Officer can locate the False
summary of the eligibility
requirements for a loan to be sold to
a specific lender/investor in the
lender specs.
A HELOC loan has an interest only True
payment
A borrower paid semi-monthly and a False
borrower paid bi-weekly have the
same number of pay periods per
year
https://quizlet.com/1191577223/xinnix-final-exam-questions-with-correct-answers-2026-latest-update-questions-answers-latest-already-graded-a-flas… 1/16
,6/24/26, 6:11 PM Xinnix Final Exam | Questions with Correct Answers 2026 latest update!! - Questions & Answers | Latest Already Graded A+ Flashc…
FHA Case Numbers are tied to the True
property, not the borrower.
Judgments and tax liens are required True
to be paid off at or prior to loan
closing. (FNMA/FHLMC)
Unreimbursed business expenses True
can be located on Form 2106 of a
borrower's personal tax return.
HOA dues are included in the PITI False
calculation
A borrower's brother would like to A gift from a relative and would require a gift letter,
give her money to help towards the as well as proof that the funds have been
down payment of her new house. transferred to the borrower's account.
This would be considered....
VA sets their own maximum loan False
limits.
The monthly MI for an FHA loan is True
calculated by BASE Loan Amount x
.85% /12
Redisclosure of the Truth in Lending .125
is required if the PAR changes more
than _____% on a fixed rate loan?
https://quizlet.com/1191577223/xinnix-final-exam-questions-with-correct-answers-2026-latest-update-questions-answers-latest-already-graded-a-flas… 2/16
, 6/24/26, 6:11 PM Xinnix Final Exam | Questions with Correct Answers 2026 latest update!! - Questions & Answers | Latest Already Graded A+ Flashc…
If a veteran has previously used their True
VA entitlement and it has not yet
been restored, their COE may show
an available amount which is less that
the VA maximum allowable
entitlement
A room addition is allowed under the False
FHA 203(k) Limited program.
The maximum allowable ratios for an 35/43
owner-occupant when using a non-
occupant co-borrower per FHLMC
guidelines is ______________.
A borrower is considering a 1-year 6.25%
ARM with a note rate of 4.25%, 2/6
caps and a margin of 2.5%. What
would the borrower's interest rate be
for year 2 if the index is at 4.25%?
The builder must provide an False
appraisal certificate to the mortgage
company on an FHA new
construction loan prior to closing.
All of the following documents must Appraisal Certificate
be provided by the builder to the
mortgage company on an FHA new MUST BE PROVIDED: Certificate of Occupancy,
construction loan prior to the loan Builder's 1-Year Warranty, Insulation Certificate
being cleared to close EXCEPT:
https://quizlet.com/1191577223/xinnix-final-exam-questions-with-correct-answers-2026-latest-update-questions-answers-latest-already-graded-a-flas… 3/16
Xinnix Final Exam | Questions with Correct
Answers 2026 latest update!! - Questions &
Answers | Latest Already Graded A+
Save Add to calendar
Terms in this set (125)
On an FHA loan the upfront MIP False
should be included when calculating
cash-to-close.
The borrower must have 5% of their False
own funds when putting 15% down
on a primary residence. (FNMA)
A 3-Year ARM adjusts every 3 years True
A Loan Officer can locate the False
summary of the eligibility
requirements for a loan to be sold to
a specific lender/investor in the
lender specs.
A HELOC loan has an interest only True
payment
A borrower paid semi-monthly and a False
borrower paid bi-weekly have the
same number of pay periods per
year
https://quizlet.com/1191577223/xinnix-final-exam-questions-with-correct-answers-2026-latest-update-questions-answers-latest-already-graded-a-flas… 1/16
,6/24/26, 6:11 PM Xinnix Final Exam | Questions with Correct Answers 2026 latest update!! - Questions & Answers | Latest Already Graded A+ Flashc…
FHA Case Numbers are tied to the True
property, not the borrower.
Judgments and tax liens are required True
to be paid off at or prior to loan
closing. (FNMA/FHLMC)
Unreimbursed business expenses True
can be located on Form 2106 of a
borrower's personal tax return.
HOA dues are included in the PITI False
calculation
A borrower's brother would like to A gift from a relative and would require a gift letter,
give her money to help towards the as well as proof that the funds have been
down payment of her new house. transferred to the borrower's account.
This would be considered....
VA sets their own maximum loan False
limits.
The monthly MI for an FHA loan is True
calculated by BASE Loan Amount x
.85% /12
Redisclosure of the Truth in Lending .125
is required if the PAR changes more
than _____% on a fixed rate loan?
https://quizlet.com/1191577223/xinnix-final-exam-questions-with-correct-answers-2026-latest-update-questions-answers-latest-already-graded-a-flas… 2/16
, 6/24/26, 6:11 PM Xinnix Final Exam | Questions with Correct Answers 2026 latest update!! - Questions & Answers | Latest Already Graded A+ Flashc…
If a veteran has previously used their True
VA entitlement and it has not yet
been restored, their COE may show
an available amount which is less that
the VA maximum allowable
entitlement
A room addition is allowed under the False
FHA 203(k) Limited program.
The maximum allowable ratios for an 35/43
owner-occupant when using a non-
occupant co-borrower per FHLMC
guidelines is ______________.
A borrower is considering a 1-year 6.25%
ARM with a note rate of 4.25%, 2/6
caps and a margin of 2.5%. What
would the borrower's interest rate be
for year 2 if the index is at 4.25%?
The builder must provide an False
appraisal certificate to the mortgage
company on an FHA new
construction loan prior to closing.
All of the following documents must Appraisal Certificate
be provided by the builder to the
mortgage company on an FHA new MUST BE PROVIDED: Certificate of Occupancy,
construction loan prior to the loan Builder's 1-Year Warranty, Insulation Certificate
being cleared to close EXCEPT:
https://quizlet.com/1191577223/xinnix-final-exam-questions-with-correct-answers-2026-latest-update-questions-answers-latest-already-graded-a-flas… 3/16
