Xinnix Final Exam Study Guide | 185 Questions with 100% Correct Answers | Updated and Verified | 27 Pages
A veteran has the ability to transfer a portion of their entitlement to another veteran. - 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. - 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 - No YTD paystubs will be required from a borrower that is self-employed (Schedule C). - False The maximum LTV for an FHA purchase is 97%. - 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. - False Based on the following scenario, does the borrower qualify within the FHLMC guidelines? PITI: $1,375 monthly
Document information
- Uploaded on
- July 23, 2023
- Number of pages
- 27
- Written in
- 2022/2023
- Type
- Exam (elaborations)
- Contains
- Questions & answers
