XINNIX ACTUAL 2026 EXAM QUESTIONS AND SOLUTIONS
RATED A+
✔✔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 - ✔✔False
✔✔HomeOne will allow up to 97% LTV for a primary residence, 1-Unit purchase if at
least one of the borrowers has not owned a home in the last 3 years. A borrower who
has not owned a home in the last three years is considered a first-time home buyer
under HomeOne - ✔✔True
✔✔Relief Refinance Program loans are designed to help homeowners who are current
on their mortgage payments but are unable to refinance due to a drop in their home
value. - ✔✔True
✔✔When adjusting a 1-Year ARM with 2/6 caps, the rate at the beginning of year 2 will
be determined by the Start Rate + Annual Cap or the Fully-indexed rate, whichever is
less. - ✔✔True
✔✔A veteran and a spouse may qualify together for 100% financing on a VA - ✔✔True
✔✔A Loan Officer can locate the summary of the eligibility requirements for a loan to be
sold to a specific lender/investor in the lender specs. - ✔✔False
✔✔A 2/1 buydown typically costs 2.5 discount points. Give or take .25%. - ✔✔True
✔✔The P&I on an FHA loan is calculated using the TOTAL Loan Amount. - ✔✔True
✔✔When considering a FHLMC loan, the maximum allowable ratios for the owner
occupant when using a non-occupant co-borrower are 35/43. - ✔✔True
✔✔HOA dues should be added to the PITI for the purpose of calculating ratios when
qualifying a borrower. - ✔✔True
✔✔An FHA 203(k) Standard program would require a HUD Consultant. - ✔✔True
✔✔YTD paystubs will be required from a borrower that is self-employed (Schedule C). -
✔✔False
✔✔Unreimbursed business expenses can be located on Form 2106 of a borrower's
personal tax return. - ✔✔True
✔✔A 3-Year ARM adjusts every 3 years. - ✔✔True
, ✔✔Loan Product Advisor (LPA) is one of the most widely used automated underwriting
systems in the mortgage industry. - ✔✔True
✔✔The age of the youngest borrower is considered when determining the principal limit
(maximum loan amount) for a reverse mortgage. - ✔✔True
✔✔Residual income is the amount of income available for family support after taxes and
social security expense have been subtracted from the gross income and after PITI and
other long-term debt has been paid. - ✔✔True
✔✔There is no minimum credit score needed to run/submit both HomeOne and Home
Possible® through an automated underwriting - ✔✔True
✔✔Using the following information, answer the following conventional financed MI loan
question.
Sales Price = $185,000
Down Payment = 10%
Credit Score = 635
20-year Fixed Rate
Owner-occupied
What is the Total Loan Amount and MI Factor? - ✔✔$169,247/1.65%
✔✔Using the information provided, answer the following FHA question:
Sales Price = $245,600
Interest Rate = 4.25%
30-year fixed
Taxes = 1.5%
Homeowners Insurance = .3%
What is the PITI - ✔✔Not 1554.72
✔✔Using the information provided answer the following rate/term refinance question
(FNMA).
Value = $370,000
Balance = $280,000
Current payment = $2,450
Interest Rate = 6.375%
Closing Costs = 2.5%
Prepaids = 1%
What is the new loan amount/P&I payment/LTV - ✔✔Not 294,050
✔✔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
RATED A+
✔✔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 - ✔✔False
✔✔HomeOne will allow up to 97% LTV for a primary residence, 1-Unit purchase if at
least one of the borrowers has not owned a home in the last 3 years. A borrower who
has not owned a home in the last three years is considered a first-time home buyer
under HomeOne - ✔✔True
✔✔Relief Refinance Program loans are designed to help homeowners who are current
on their mortgage payments but are unable to refinance due to a drop in their home
value. - ✔✔True
✔✔When adjusting a 1-Year ARM with 2/6 caps, the rate at the beginning of year 2 will
be determined by the Start Rate + Annual Cap or the Fully-indexed rate, whichever is
less. - ✔✔True
✔✔A veteran and a spouse may qualify together for 100% financing on a VA - ✔✔True
✔✔A Loan Officer can locate the summary of the eligibility requirements for a loan to be
sold to a specific lender/investor in the lender specs. - ✔✔False
✔✔A 2/1 buydown typically costs 2.5 discount points. Give or take .25%. - ✔✔True
✔✔The P&I on an FHA loan is calculated using the TOTAL Loan Amount. - ✔✔True
✔✔When considering a FHLMC loan, the maximum allowable ratios for the owner
occupant when using a non-occupant co-borrower are 35/43. - ✔✔True
✔✔HOA dues should be added to the PITI for the purpose of calculating ratios when
qualifying a borrower. - ✔✔True
✔✔An FHA 203(k) Standard program would require a HUD Consultant. - ✔✔True
✔✔YTD paystubs will be required from a borrower that is self-employed (Schedule C). -
✔✔False
✔✔Unreimbursed business expenses can be located on Form 2106 of a borrower's
personal tax return. - ✔✔True
✔✔A 3-Year ARM adjusts every 3 years. - ✔✔True
, ✔✔Loan Product Advisor (LPA) is one of the most widely used automated underwriting
systems in the mortgage industry. - ✔✔True
✔✔The age of the youngest borrower is considered when determining the principal limit
(maximum loan amount) for a reverse mortgage. - ✔✔True
✔✔Residual income is the amount of income available for family support after taxes and
social security expense have been subtracted from the gross income and after PITI and
other long-term debt has been paid. - ✔✔True
✔✔There is no minimum credit score needed to run/submit both HomeOne and Home
Possible® through an automated underwriting - ✔✔True
✔✔Using the following information, answer the following conventional financed MI loan
question.
Sales Price = $185,000
Down Payment = 10%
Credit Score = 635
20-year Fixed Rate
Owner-occupied
What is the Total Loan Amount and MI Factor? - ✔✔$169,247/1.65%
✔✔Using the information provided, answer the following FHA question:
Sales Price = $245,600
Interest Rate = 4.25%
30-year fixed
Taxes = 1.5%
Homeowners Insurance = .3%
What is the PITI - ✔✔Not 1554.72
✔✔Using the information provided answer the following rate/term refinance question
(FNMA).
Value = $370,000
Balance = $280,000
Current payment = $2,450
Interest Rate = 6.375%
Closing Costs = 2.5%
Prepaids = 1%
What is the new loan amount/P&I payment/LTV - ✔✔Not 294,050
✔✔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
