Xinnix Ground Course Final Exam 2026
Questions and Answers 100% Pass
Guaranteed
A veteran has the ability to transfer a portion of their entitlement to another
veteran. - Correct answer-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. -
Correct answer-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 - Correct answer-No
©COPYRIGHT 2025, ALL RIGHTS RESERVE 1
,YTD paystubs will be required from a borrower that is self-employed (Schedule
C). - Correct answer-False
The maximum LTV for an FHA purchase is 97%. - Correct answer-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. -
Correct answer-False
Based on the following scenario, does the borrower qualify within the FHLMC
guidelines?
PITI: $1,375 monthly
Income: $4,950 monthly
Debt: $350 car payment, $420 student loan ($4,500 balance), $75 credit card
payments ($850 balance). - Correct answer-No
One month of the borrower's current house payment must be included when
calculating the new loan amount for a cash-out refinance - Correct answer-True
The qualifying rate for a 7/1 ARM is 2% above the start rate. - Correct answer-
False
Churning schemes usually involve falsified down payment amounts and falsified
appraisals. - Correct answer-False
©COPYRIGHT 2025, ALL RIGHTS RESERVE 2
, A borrower can use a credit card to pay for their required down payment - Correct
answer-False
A borrower's income is a factor considered when determining the principal limit
(maximum loan amount) for a reverse mortgage. - Correct answer-False
A 30-year conventional loan with an 87% LTV would require 25% mortgage
insurance coverage. - Correct answer-True
A borrower that is self-employed (Schedule C) will typically not be required to
provide a YTD paystub. - Correct answer-True
Loans with an LTV >80% will typically require mortgage insurance.
(FNMA/FHLMC) - Correct answer-True
A fixed-rate second mortgage has the loan amount fully disbursed at closing.
Monthly payments are amortized over the term of the loan. Once the balance is
paid off the mortgage is closed. - Correct answer-True
A borrower must qualify at the note rate on a temporary buydown, not the start
rate. - Correct answer-True
A lender must notify an applicant of action taken within 30 days after receiving a
completed application concerning the lender's approval of, counteroffer to, or
adverse action on the application. - Correct answer-True
©COPYRIGHT 2025, ALL RIGHTS RESERVE 3
Questions and Answers 100% Pass
Guaranteed
A veteran has the ability to transfer a portion of their entitlement to another
veteran. - Correct answer-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. -
Correct answer-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 - Correct answer-No
©COPYRIGHT 2025, ALL RIGHTS RESERVE 1
,YTD paystubs will be required from a borrower that is self-employed (Schedule
C). - Correct answer-False
The maximum LTV for an FHA purchase is 97%. - Correct answer-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. -
Correct answer-False
Based on the following scenario, does the borrower qualify within the FHLMC
guidelines?
PITI: $1,375 monthly
Income: $4,950 monthly
Debt: $350 car payment, $420 student loan ($4,500 balance), $75 credit card
payments ($850 balance). - Correct answer-No
One month of the borrower's current house payment must be included when
calculating the new loan amount for a cash-out refinance - Correct answer-True
The qualifying rate for a 7/1 ARM is 2% above the start rate. - Correct answer-
False
Churning schemes usually involve falsified down payment amounts and falsified
appraisals. - Correct answer-False
©COPYRIGHT 2025, ALL RIGHTS RESERVE 2
, A borrower can use a credit card to pay for their required down payment - Correct
answer-False
A borrower's income is a factor considered when determining the principal limit
(maximum loan amount) for a reverse mortgage. - Correct answer-False
A 30-year conventional loan with an 87% LTV would require 25% mortgage
insurance coverage. - Correct answer-True
A borrower that is self-employed (Schedule C) will typically not be required to
provide a YTD paystub. - Correct answer-True
Loans with an LTV >80% will typically require mortgage insurance.
(FNMA/FHLMC) - Correct answer-True
A fixed-rate second mortgage has the loan amount fully disbursed at closing.
Monthly payments are amortized over the term of the loan. Once the balance is
paid off the mortgage is closed. - Correct answer-True
A borrower must qualify at the note rate on a temporary buydown, not the start
rate. - Correct answer-True
A lender must notify an applicant of action taken within 30 days after receiving a
completed application concerning the lender's approval of, counteroffer to, or
adverse action on the application. - Correct answer-True
©COPYRIGHT 2025, ALL RIGHTS RESERVE 3
