Xinnix Ground School Mortgage Final
Exam 2026 Questions and Answers 100%
Pass Guaranteed
On an FHA loan the upfront MIP should be included when calculating cash-to-
close. - Correct answer-False
The borrower must have 5% of their own funds when putting 15% down on a
primary residence. (FNMA) - Correct answer-False
A 3-Year ARM adjusts every 3 years - Correct answer-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. - Correct answer-False
A HELOC loan has an interest only payment - Correct answer-True
A borrower paid semi-monthly and a borrower paid bi-weekly have the same
number of pay periods per year - Correct answer-False
FHA Case Numbers are tied to the property, not the borrower. - Correct answer-
True
©COPYRIGHT 2025, ALL RIGHTS RESERVE 1
, Judgments and tax liens are required to be paid off at or prior to loan closing.
(FNMA/FHLMC) - Correct answer-True
Unreimbursed business expenses can be located on Form 2106 of a borrower's
personal tax return. - Correct answer-True
HOA dues are included in the PITI calculation - Correct answer-False
A borrower's brother would like to give her money to help towards the down
payment of her new house. This would be considered.... - Correct answer-A gift
from a relative and would require a gift letter, as well as proof that the funds have
been transferred to the borrower's account.
VA sets their own maximum loan limits. - Correct answer-False
The monthly MI for an FHA loan is calculated by BASE Loan Amount x .85% /12
- Correct answer-True
Redisclosure of the Truth in Lending is required if the PAR changes more than
_____% on a fixed rate loan? - Correct answer-.125
If a veteran has previously used their VA entitlement and it has not yet been
restored, their COE may show an available amount which is less that the VA
maximum allowable entitlement - Correct answer-True
©COPYRIGHT 2025, ALL RIGHTS RESERVE 2
Exam 2026 Questions and Answers 100%
Pass Guaranteed
On an FHA loan the upfront MIP should be included when calculating cash-to-
close. - Correct answer-False
The borrower must have 5% of their own funds when putting 15% down on a
primary residence. (FNMA) - Correct answer-False
A 3-Year ARM adjusts every 3 years - Correct answer-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. - Correct answer-False
A HELOC loan has an interest only payment - Correct answer-True
A borrower paid semi-monthly and a borrower paid bi-weekly have the same
number of pay periods per year - Correct answer-False
FHA Case Numbers are tied to the property, not the borrower. - Correct answer-
True
©COPYRIGHT 2025, ALL RIGHTS RESERVE 1
, Judgments and tax liens are required to be paid off at or prior to loan closing.
(FNMA/FHLMC) - Correct answer-True
Unreimbursed business expenses can be located on Form 2106 of a borrower's
personal tax return. - Correct answer-True
HOA dues are included in the PITI calculation - Correct answer-False
A borrower's brother would like to give her money to help towards the down
payment of her new house. This would be considered.... - Correct answer-A gift
from a relative and would require a gift letter, as well as proof that the funds have
been transferred to the borrower's account.
VA sets their own maximum loan limits. - Correct answer-False
The monthly MI for an FHA loan is calculated by BASE Loan Amount x .85% /12
- Correct answer-True
Redisclosure of the Truth in Lending is required if the PAR changes more than
_____% on a fixed rate loan? - Correct answer-.125
If a veteran has previously used their VA entitlement and it has not yet been
restored, their COE may show an available amount which is less that the VA
maximum allowable entitlement - Correct answer-True
©COPYRIGHT 2025, ALL RIGHTS RESERVE 2
