Xinnix Final Exam Questions with 100% Correct Answers

A veteran has the ability to transfer a portion of their entitlement to another veteran. Correct 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. Correct 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 Correct Answer No YTD paystubs will be required from a borrower that is self-employed (Schedule C). Correct Answer False The maximum LTV for an FHA purchase is 97%. Correct 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. Correct 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). Correct 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 Correct Answer True The qualifying rate for a 7/1 ARM is 2% above the start rate. Correct Answer False Churning schemes usually involve falsified down payment amounts and falsified appraisals. Correct Answer False A borrower can use a credit card to pay for their required down payment Correct Answer False A borrower's income is a factor considered when determining the principal limit (maximum loan amount) for a reverse mortgage. Correct Answer False