XINNIX MOCK EXAM MISSED QUESTIONS AND VERIFIED ANSWERS
Chris's main source of income is $36,000 annually. In addition, he earns $11.25
per hour in a second job in the same field. He has been working at the second
job for eight months, but he can only work twelve hours a week. What is his
qualifying income each month?
A tax-service fee is a cost that FHA does not allow.
Indeed
Respond to the following FHA question using the information supplied:
The purchase price is $137,300.
6.875% is the interest rate.
30-year fixed
1.5% in taxes
Insurance for Homeowners =.3%
What is the PITI?
The FHA 203(k) Standard program permits the following repairs. (Check all
that apply.)
Setting up a swimming pool
Painting both inside and outside
Replacement of the roof
, Fencing installation or repair
The start rate plus annual cap or the fully-indexed rate, whichever is lower, will
be used to modify a 1-year ARM with 2/6 caps at the start of year 2. (T/F)
Indeed
The PITI computation takes HOA dues into account. (T/F)
Untrue
The borrower's gross revenue is _______ _______ for reimbursed business
costs.
Included With
A Commitment Letter is sent to a borrower who has submitted their pay stubs,
bank statements, and W2s along with their offer on a home. (T/F)
Indeed
Does the borrower meet FNMA requirements based on the following scenario?
(Y/N)
PITI is $1,725 per month.
Earnings: $7,000.
Debt: $170 credit card payments ($1,530 balance), $375 student loan ($2,250
balance), and $700 auto payment
No
What are the borrower's qualifying ratios under FHLMC criteria based on the
following scenario?
Chris's main source of income is $36,000 annually. In addition, he earns $11.25
per hour in a second job in the same field. He has been working at the second
job for eight months, but he can only work twelve hours a week. What is his
qualifying income each month?
A tax-service fee is a cost that FHA does not allow.
Indeed
Respond to the following FHA question using the information supplied:
The purchase price is $137,300.
6.875% is the interest rate.
30-year fixed
1.5% in taxes
Insurance for Homeowners =.3%
What is the PITI?
The FHA 203(k) Standard program permits the following repairs. (Check all
that apply.)
Setting up a swimming pool
Painting both inside and outside
Replacement of the roof
, Fencing installation or repair
The start rate plus annual cap or the fully-indexed rate, whichever is lower, will
be used to modify a 1-year ARM with 2/6 caps at the start of year 2. (T/F)
Indeed
The PITI computation takes HOA dues into account. (T/F)
Untrue
The borrower's gross revenue is _______ _______ for reimbursed business
costs.
Included With
A Commitment Letter is sent to a borrower who has submitted their pay stubs,
bank statements, and W2s along with their offer on a home. (T/F)
Indeed
Does the borrower meet FNMA requirements based on the following scenario?
(Y/N)
PITI is $1,725 per month.
Earnings: $7,000.
Debt: $170 credit card payments ($1,530 balance), $375 student loan ($2,250
balance), and $700 auto payment
No
What are the borrower's qualifying ratios under FHLMC criteria based on the
following scenario?
