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XINNIX MOCK EXAM MISSED
QUESTIONS BRAND NEW ACTUAL
EXAM WITH ANSWERS.
Unreimbursed business expenses ___________ the
borrower’s gross income
are subtracted from
Unless a borrower can document extenuating circumstances,
they must wait at least 7 years from a Chapter 7 bankruptcy
or foreclosure to apply for conventional financing.
False
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
DU does not consider non-occupant income as qualifying
income
True
A borrower purchased a home on January 15th and is
moving in on March 2nd. How many days from purchase to
move in? (For non-leap years only)
46 days
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45 days
47 days
None of the Above
Which of the following is the correct list of charges included
when calculating the borrower's cash-to-close?
Down Payment, Closing Costs, Prepaids, Discount Points, MI
paid in cash (UFMIP/FF)
A 3-Year ARM adjusts every 3 years
True
Based on the following scenario, how much money will the
borrower save each month by choosing a conventional loan
with a HELOC 2nd mortgage, instead of a conventional loan
with MI?
Sales Price = $405,000
Interest Rate on a 30-year fixed rate 1st mortgage = 6.25%
Interest Rate on HELOC 2nd mortgage = 8.5%
Down Payment = 10%
Taxes = $350 monthly
Homeowners Insurance = $105 monthly
$150.82
Chris earns $36,000 per year from his primary job. He also
has a 2nd job in the same line of work earning $11.25 per
hour. He is only able to work 12 hours a week on the 2nd job
XINNIX MOCK EXAM MISSED
QUESTIONS BRAND NEW ACTUAL
EXAM WITH ANSWERS.
Unreimbursed business expenses ___________ the
borrower’s gross income
are subtracted from
Unless a borrower can document extenuating circumstances,
they must wait at least 7 years from a Chapter 7 bankruptcy
or foreclosure to apply for conventional financing.
False
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
DU does not consider non-occupant income as qualifying
income
True
A borrower purchased a home on January 15th and is
moving in on March 2nd. How many days from purchase to
move in? (For non-leap years only)
46 days
, Page | 2
45 days
47 days
None of the Above
Which of the following is the correct list of charges included
when calculating the borrower's cash-to-close?
Down Payment, Closing Costs, Prepaids, Discount Points, MI
paid in cash (UFMIP/FF)
A 3-Year ARM adjusts every 3 years
True
Based on the following scenario, how much money will the
borrower save each month by choosing a conventional loan
with a HELOC 2nd mortgage, instead of a conventional loan
with MI?
Sales Price = $405,000
Interest Rate on a 30-year fixed rate 1st mortgage = 6.25%
Interest Rate on HELOC 2nd mortgage = 8.5%
Down Payment = 10%
Taxes = $350 monthly
Homeowners Insurance = $105 monthly
$150.82
Chris earns $36,000 per year from his primary job. He also
has a 2nd job in the same line of work earning $11.25 per
hour. He is only able to work 12 hours a week on the 2nd job
