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MOCK EXAM REVIEW BRAND NEW
ACTUAL EXAM WITH ANSWERS.
What is the largest house payment that Mr. Coulter can have with
his current income of $75,000 per year considering he just bought
a car with a payment of $525 per month? (FNMA) - correct
answer -$1,740.00
(T or F) A program description contains the summary of eligibility
requirements for a loan to be sold to a specific lender/investor. -
correct answer -True
(T or F) A straw buyer is an individual who is paid to purchase a
property and apply for a mortgage for someone who is unable to
qualify for a loan. - correct answer -True
What is the maximum seller contribution allowed for an
investment property at 80% LTV? (FNMA/FHLMC) - correct
answer -2%
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(T or F) Depreciation should be added to a borrower's income
who owns several investment properties. - correct answer -True
Your borrower is paid $1,950 bi-weekly and has been on his job
for three years. His wife works part-time and makes $10.25/hour.
She works 20 hours per week and has been on her job for two
years.
What is their combined monthly income? - correct answer -$5,113
Using the information provided, answer the following FHA
question:
Sales Price = $137,300
Interest Rate = 6.875%
30-year Fixed
Taxes = 1.5%
Homeowners Insurance = .3%
What is the PITI? - correct answer -???
(T or F) A borrower's income is a factor considered when
determining the principal limit (max loan amount) for a reverse
mortgage. - correct answer -False
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(T or F) If the VA maximum entitlement has been changed by law,
a veteran's COE may show an available amount which is less
than the VA maximum allowable entitlement. - correct answer -
True
(T or F) A partner's percentage of ownership and earnings can be
located on Schedule E part II of their personal tax returns. -
correct answer -False
MISSED - correct answer -MISSED
(T or F) FHLMC qualifying ratios are 28/36 - correct answer -True
Your borrower is being relocated and needs to close on the
purchase of their new home in thirty days. Their spouse will not
be moving for another six months. How much income can be
used for qualifying if the relocating borrower is earning $92,000
annually and the trailing spouse is earning $36,000 annually?
(FNMA) - correct answer -???
MOCK EXAM REVIEW BRAND NEW
ACTUAL EXAM WITH ANSWERS.
What is the largest house payment that Mr. Coulter can have with
his current income of $75,000 per year considering he just bought
a car with a payment of $525 per month? (FNMA) - correct
answer -$1,740.00
(T or F) A program description contains the summary of eligibility
requirements for a loan to be sold to a specific lender/investor. -
correct answer -True
(T or F) A straw buyer is an individual who is paid to purchase a
property and apply for a mortgage for someone who is unable to
qualify for a loan. - correct answer -True
What is the maximum seller contribution allowed for an
investment property at 80% LTV? (FNMA/FHLMC) - correct
answer -2%
, Page | 2
(T or F) Depreciation should be added to a borrower's income
who owns several investment properties. - correct answer -True
Your borrower is paid $1,950 bi-weekly and has been on his job
for three years. His wife works part-time and makes $10.25/hour.
She works 20 hours per week and has been on her job for two
years.
What is their combined monthly income? - correct answer -$5,113
Using the information provided, answer the following FHA
question:
Sales Price = $137,300
Interest Rate = 6.875%
30-year Fixed
Taxes = 1.5%
Homeowners Insurance = .3%
What is the PITI? - correct answer -???
(T or F) A borrower's income is a factor considered when
determining the principal limit (max loan amount) for a reverse
mortgage. - correct answer -False
, Page | 3
(T or F) If the VA maximum entitlement has been changed by law,
a veteran's COE may show an available amount which is less
than the VA maximum allowable entitlement. - correct answer -
True
(T or F) A partner's percentage of ownership and earnings can be
located on Schedule E part II of their personal tax returns. -
correct answer -False
MISSED - correct answer -MISSED
(T or F) FHLMC qualifying ratios are 28/36 - correct answer -True
Your borrower is being relocated and needs to close on the
purchase of their new home in thirty days. Their spouse will not
be moving for another six months. How much income can be
used for qualifying if the relocating borrower is earning $92,000
annually and the trailing spouse is earning $36,000 annually?
(FNMA) - correct answer -???
