Xinnix Ground Course Final Q&A 2022

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 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 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. -