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XINNIX FINAL EXAM BRAND NEW
ACTUAL EXAM WITH ANSWERS.
Your borrowers are purchasing a home for $515,000 they are
requesting a $412,000 first mortgage and a $51,500 fixed-rate
second what will their LTV, second MTG let and down payment
be if structure this way - correct answer -80/10/10
Using the information provided answer the following FHA question
Sales price: $185,000
Interest rate: 6 3/8%
30 year fixed rate
Taxes: $175
Homeowners insurance: $55
Closing costs: $4483
Prepaids: 1%
Seller contribution: $3000
PITI and CASH TO CLOSE? - correct answer -$1,493.11/$9,831
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How many days must a borrower wait to close once they receive
their initial disclosures - correct answer -Seven
A liability not listed on the credit report will typically need to be
included on the loan application - correct answer -True
The following factors are considered when determining the
principal limit for a reverse MTG - correct answer -All of the above
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 an
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
Which of the following is the correct list of charges included when
calculating the borrowers cash to close - correct answer -Down
payment, closing costs, prepaids, discount points, MI paid in cash
(EUFMIP/FF)
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VA space requires connection to a public or community
water/sewer disposal system if required by local building,
planning, or health authorities - correct answer -True
If the guidelines state that the maximum seller contribution is 3%,
how much can the seller contribute toward the borrowers cash to
close with a sales price of $179,450? - correct answer -5383
If the term of of an ARM Is five years or less, the qualifying rate is
the start rate +2% or the fully indexed rate, which ever is greater -
correct answer -True
What is the largest house payment that Mr. Coulter can have with
his current income of $75,500 per year considering he just bought
a car with a payment of $525 per month? (FNMA) - correct
answer -$1740
Your borrowers are purchasing a home for $475,000. They are
requesting a $380,000 first mortgage and a $71,250 HELOC .
What will their LTV and second mortgage LTV and down payment
be it's structured this way - correct answer -80/15/5
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Based on the following scenario how much money will the
borrower save each month by choosing conventional loan with a
HELOC second mortgage, instead of a conventional loan with MI?
Sales price equals $405,000 interest rate on a 30 year fixed rate
first mortgage equals 6.25% interest rate on HELOC second
mortgage equals 8.5% down payment equals 10%
Taxes equals $350 monthly homeowners insurance equals $105
monthly - correct answer -$150.82
What is the PITI payment on a home priced at $360,000 with a
20% down payment, 5.5% interest rate over 30 years with 1.5%
for annual taxes and .3% for annual homeowners insurance -
correct answer -$2,175.23
VA requires connection to a public or community water/sewer
disposal system if required by local building, planning, or health
authorities - correct answer -True
A veteran has the ability to transfer a portion of their entitlement to
another veteran. - correct answer -False
XINNIX FINAL EXAM BRAND NEW
ACTUAL EXAM WITH ANSWERS.
Your borrowers are purchasing a home for $515,000 they are
requesting a $412,000 first mortgage and a $51,500 fixed-rate
second what will their LTV, second MTG let and down payment
be if structure this way - correct answer -80/10/10
Using the information provided answer the following FHA question
Sales price: $185,000
Interest rate: 6 3/8%
30 year fixed rate
Taxes: $175
Homeowners insurance: $55
Closing costs: $4483
Prepaids: 1%
Seller contribution: $3000
PITI and CASH TO CLOSE? - correct answer -$1,493.11/$9,831
, Page | 2
How many days must a borrower wait to close once they receive
their initial disclosures - correct answer -Seven
A liability not listed on the credit report will typically need to be
included on the loan application - correct answer -True
The following factors are considered when determining the
principal limit for a reverse MTG - correct answer -All of the above
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 an
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
Which of the following is the correct list of charges included when
calculating the borrowers cash to close - correct answer -Down
payment, closing costs, prepaids, discount points, MI paid in cash
(EUFMIP/FF)
, Page | 3
VA space requires connection to a public or community
water/sewer disposal system if required by local building,
planning, or health authorities - correct answer -True
If the guidelines state that the maximum seller contribution is 3%,
how much can the seller contribute toward the borrowers cash to
close with a sales price of $179,450? - correct answer -5383
If the term of of an ARM Is five years or less, the qualifying rate is
the start rate +2% or the fully indexed rate, which ever is greater -
correct answer -True
What is the largest house payment that Mr. Coulter can have with
his current income of $75,500 per year considering he just bought
a car with a payment of $525 per month? (FNMA) - correct
answer -$1740
Your borrowers are purchasing a home for $475,000. They are
requesting a $380,000 first mortgage and a $71,250 HELOC .
What will their LTV and second mortgage LTV and down payment
be it's structured this way - correct answer -80/15/5
, Page | 4
Based on the following scenario how much money will the
borrower save each month by choosing conventional loan with a
HELOC second mortgage, instead of a conventional loan with MI?
Sales price equals $405,000 interest rate on a 30 year fixed rate
first mortgage equals 6.25% interest rate on HELOC second
mortgage equals 8.5% down payment equals 10%
Taxes equals $350 monthly homeowners insurance equals $105
monthly - correct answer -$150.82
What is the PITI payment on a home priced at $360,000 with a
20% down payment, 5.5% interest rate over 30 years with 1.5%
for annual taxes and .3% for annual homeowners insurance -
correct answer -$2,175.23
VA requires connection to a public or community water/sewer
disposal system if required by local building, planning, or health
authorities - correct answer -True
A veteran has the ability to transfer a portion of their entitlement to
another veteran. - correct answer -False
