XINNIX ACTUAL 2026 STUDY GUIDE QUESTIONS AND
SOLUTIONS RATED A+
✔✔What is the maximum seller contribution allowed for a primary residence at 85%
LTV (FNMA/FHLMC) - ✔✔3%
✔✔One month of the borrowers current house payment must be included when
calculating the new loan amount for a cash-out refinance - ✔✔True
✔✔If a borrower qualifies for an agency loan of 325,000$, FNMA is a viable option -
✔✔True
✔✔The builder must provide an appraisal certificate to the mortgage company on an
FHA new construction loan prior to closing - ✔✔False
✔✔A tax service fee is a non-allowable fee by FHA - ✔✔True
✔✔If student loan payment is deferred, it does not have to be included - ✔✔False
✔✔FHA guidelines require 3 years to have passed since a foreclosure, deed in leau -
✔✔True
✔✔The monthly MI for an FHA loan is calculated by BASE Loan Amount x .85%/12 -
✔✔True
✔✔An origination fee may be paid by the borrower on an FHA loan - ✔✔True
✔✔VA sets their own maximum loan limits - ✔✔False
✔✔The maximum LTV for an FHA cash-out refinance is 80% - ✔✔True
✔✔A borrower is closing on a home on July 17th and needs to lock in their rate 60 days
prior - ✔✔5/18
✔✔What is the funding fee for a veteran who has not used his/her eligibility and plans
on purchasing a home with 5% down payment - ✔✔1.65%
✔✔What is the maximum seller contribution allowed for a primary residence at 85%
LTV - ✔✔6%
✔✔What is the qualifying rate for a 5/1 arm with a note rate of 3.75% and 2/6 caps? The
fully indexed rate is 6% - ✔✔6%
, ✔✔AUS is the acronym for Automated Underwriting Sysytem - ✔✔True
✔✔Reimbursed business expenses are to the borrower's gross income - ✔✔added to
✔✔A borrower requesting a jumbo loan will qualify for an agency loan - ✔✔False
✔✔A borrower purchased a home on Jan 15th and is moving in on March 2nd - ✔✔46
days
✔✔What is the qualifying rate for a 7/1ARM with a note rate of 6.00% and 2/6 caps?
Fully indexed rate is 5.98% - ✔✔6.00%
✔✔After the borrower submits a complete loan application, the LE must be delivered or
placed - ✔✔3 Business days
✔✔Tenancy in Common is not an acceptible manner in which a title may be held -
✔✔False
✔✔Using the following information answer the conventional loan question. Sales price=
143,000$ - ✔✔85%/.25%/$25.32
✔✔If the VA maximum entitlement has been changed - ✔✔True
✔✔Income from real estate or royalties can be located on Schedule E part1 - ✔✔True
✔✔Which of the following statements are False - ✔✔The lender that buys loans from a
mortgage broker is called a correspondent lender
and lender and a mortgage bankers transaction is the wholesale lender
✔✔Flipping is a scheme where several people each - ✔✔False
✔✔A veteran may exchange a portion of their entitlement for cash - ✔✔False
✔✔A borrower is closing on a home on July 17th - ✔✔5/18
✔✔Based on a loan amount of $225,000 - ✔✔
✔✔A room addition is allowed under the FHA 203k limited program - ✔✔Flase
✔✔FNMA and FHLMC define a large deposit as any single deposit that exceeds 50% -
✔✔True
SOLUTIONS RATED A+
✔✔What is the maximum seller contribution allowed for a primary residence at 85%
LTV (FNMA/FHLMC) - ✔✔3%
✔✔One month of the borrowers current house payment must be included when
calculating the new loan amount for a cash-out refinance - ✔✔True
✔✔If a borrower qualifies for an agency loan of 325,000$, FNMA is a viable option -
✔✔True
✔✔The builder must provide an appraisal certificate to the mortgage company on an
FHA new construction loan prior to closing - ✔✔False
✔✔A tax service fee is a non-allowable fee by FHA - ✔✔True
✔✔If student loan payment is deferred, it does not have to be included - ✔✔False
✔✔FHA guidelines require 3 years to have passed since a foreclosure, deed in leau -
✔✔True
✔✔The monthly MI for an FHA loan is calculated by BASE Loan Amount x .85%/12 -
✔✔True
✔✔An origination fee may be paid by the borrower on an FHA loan - ✔✔True
✔✔VA sets their own maximum loan limits - ✔✔False
✔✔The maximum LTV for an FHA cash-out refinance is 80% - ✔✔True
✔✔A borrower is closing on a home on July 17th and needs to lock in their rate 60 days
prior - ✔✔5/18
✔✔What is the funding fee for a veteran who has not used his/her eligibility and plans
on purchasing a home with 5% down payment - ✔✔1.65%
✔✔What is the maximum seller contribution allowed for a primary residence at 85%
LTV - ✔✔6%
✔✔What is the qualifying rate for a 5/1 arm with a note rate of 3.75% and 2/6 caps? The
fully indexed rate is 6% - ✔✔6%
, ✔✔AUS is the acronym for Automated Underwriting Sysytem - ✔✔True
✔✔Reimbursed business expenses are to the borrower's gross income - ✔✔added to
✔✔A borrower requesting a jumbo loan will qualify for an agency loan - ✔✔False
✔✔A borrower purchased a home on Jan 15th and is moving in on March 2nd - ✔✔46
days
✔✔What is the qualifying rate for a 7/1ARM with a note rate of 6.00% and 2/6 caps?
Fully indexed rate is 5.98% - ✔✔6.00%
✔✔After the borrower submits a complete loan application, the LE must be delivered or
placed - ✔✔3 Business days
✔✔Tenancy in Common is not an acceptible manner in which a title may be held -
✔✔False
✔✔Using the following information answer the conventional loan question. Sales price=
143,000$ - ✔✔85%/.25%/$25.32
✔✔If the VA maximum entitlement has been changed - ✔✔True
✔✔Income from real estate or royalties can be located on Schedule E part1 - ✔✔True
✔✔Which of the following statements are False - ✔✔The lender that buys loans from a
mortgage broker is called a correspondent lender
and lender and a mortgage bankers transaction is the wholesale lender
✔✔Flipping is a scheme where several people each - ✔✔False
✔✔A veteran may exchange a portion of their entitlement for cash - ✔✔False
✔✔A borrower is closing on a home on July 17th - ✔✔5/18
✔✔Based on a loan amount of $225,000 - ✔✔
✔✔A room addition is allowed under the FHA 203k limited program - ✔✔Flase
✔✔FNMA and FHLMC define a large deposit as any single deposit that exceeds 50% -
✔✔True
