XINNIX GROUND SCHOOL FINAL COMPLETE PRACTICE
SET OF QUESTIONS AND ANSWERS FOR EASY STUDY
AND SURE PASS
When determining the borrower's cash-to-close, which of the following costs is
correct? ANSWER: MI paid in cash (UFMIP/FF), prepaids, discount points,
closing charges, and down payment
HomeOne and Home Possible can be run or submitted using an automated
underwriting system without a minimum requirement. ANSWER True
Schedule E part II of a partner's personal tax returns shows their profits and
ownership percentage. ANSWER False
The lender pays a single charge for lender-paid mortgage insurance (LPMI). In
order to pay for the mortgage insurance that was purchased on the borrower's
behalf, the lender then raises the interest rate. ANSWER True
The maximum loan amount for a single-family, one-unit home is $647,200,
excluding high-cost locations. ANSWER True
What letter might be sent to a borrower who has made an offer on a property but
hasn't yet submitted their W2s, bank statements, and paystubs? Pre-qualification
letter for answers
At or before closing, judgments and tax liens must be settled (FNMA/FHLMC)
- ANSWER True
If at least one borrower has not owned a property in the previous three years,
HomeOne will permit a primary residence, one-unit acquisition with an LTV of
up to 97%. HomeOne classifies a borrower as a first-time home buyer if they
haven't owned a property in the previous three years. ANSWER True
Deferred student loan payments are exempt from inclusion in the borrower
ratios (FNMA/FHLMC). ANSWER False
, The property, not the borrower, is associated with the FHA Case Number.
ANSWER: True
A borrower who works for themselves will need to provide YTD paystubs
(Schedule C). The response is incorrect.
Generally speaking, a self-employed borrower (Schedule C) won't need to
submit a year-to-date paystub. ANSWER True
Before closing on an FHA new construction loan, the builder must give the
mortgage company an appraisal certificate. ANSWER False
For a principal house at 85% LTV (FNMA/FHLMC), what is the maximum
seller contribution permitted? ANSWER 6%
It is crucial to obtain the appraisal while applying for a VA loan for new
construction: ANSWER After the house is finished
According to the answer, a tax-service fee is not permitted by FHA.
What paperwork is needed if gift money will be used for the purchase?
ANSWER A gift letter that specifies the amount of the donation, that the giver
is a family member, and that it is not reimbursed. confirmation that the money
needed to make the gift is available to the giver. and confirmation that the
borrower has made the account deposit
The amount left over after taxes and social security expenses are deducted from
gross income, as well as after PITI and other long-term debts have been settled,
is known as residual income. ANSWER True
A legitimate way to hold title is through joint tenants with right of survivorship
(JTWROS). ANSWER True
FHLMC is a feasible loan choice if a borrower is eligible for a $215,000 agency
loan. ANSWER True
A borrower must wait at least seven years following a Chapter 7 bankruptcy
unless they can provide proof of extenuating circumstances. ANSWER False
Any single deposit that surpasses 50% of the borrower's whole monthly
qualifying amount is considered a significant deposit by FNMA and FHLMC.
ANSWER True
SET OF QUESTIONS AND ANSWERS FOR EASY STUDY
AND SURE PASS
When determining the borrower's cash-to-close, which of the following costs is
correct? ANSWER: MI paid in cash (UFMIP/FF), prepaids, discount points,
closing charges, and down payment
HomeOne and Home Possible can be run or submitted using an automated
underwriting system without a minimum requirement. ANSWER True
Schedule E part II of a partner's personal tax returns shows their profits and
ownership percentage. ANSWER False
The lender pays a single charge for lender-paid mortgage insurance (LPMI). In
order to pay for the mortgage insurance that was purchased on the borrower's
behalf, the lender then raises the interest rate. ANSWER True
The maximum loan amount for a single-family, one-unit home is $647,200,
excluding high-cost locations. ANSWER True
What letter might be sent to a borrower who has made an offer on a property but
hasn't yet submitted their W2s, bank statements, and paystubs? Pre-qualification
letter for answers
At or before closing, judgments and tax liens must be settled (FNMA/FHLMC)
- ANSWER True
If at least one borrower has not owned a property in the previous three years,
HomeOne will permit a primary residence, one-unit acquisition with an LTV of
up to 97%. HomeOne classifies a borrower as a first-time home buyer if they
haven't owned a property in the previous three years. ANSWER True
Deferred student loan payments are exempt from inclusion in the borrower
ratios (FNMA/FHLMC). ANSWER False
, The property, not the borrower, is associated with the FHA Case Number.
ANSWER: True
A borrower who works for themselves will need to provide YTD paystubs
(Schedule C). The response is incorrect.
Generally speaking, a self-employed borrower (Schedule C) won't need to
submit a year-to-date paystub. ANSWER True
Before closing on an FHA new construction loan, the builder must give the
mortgage company an appraisal certificate. ANSWER False
For a principal house at 85% LTV (FNMA/FHLMC), what is the maximum
seller contribution permitted? ANSWER 6%
It is crucial to obtain the appraisal while applying for a VA loan for new
construction: ANSWER After the house is finished
According to the answer, a tax-service fee is not permitted by FHA.
What paperwork is needed if gift money will be used for the purchase?
ANSWER A gift letter that specifies the amount of the donation, that the giver
is a family member, and that it is not reimbursed. confirmation that the money
needed to make the gift is available to the giver. and confirmation that the
borrower has made the account deposit
The amount left over after taxes and social security expenses are deducted from
gross income, as well as after PITI and other long-term debts have been settled,
is known as residual income. ANSWER True
A legitimate way to hold title is through joint tenants with right of survivorship
(JTWROS). ANSWER True
FHLMC is a feasible loan choice if a borrower is eligible for a $215,000 agency
loan. ANSWER True
A borrower must wait at least seven years following a Chapter 7 bankruptcy
unless they can provide proof of extenuating circumstances. ANSWER False
Any single deposit that surpasses 50% of the borrower's whole monthly
qualifying amount is considered a significant deposit by FNMA and FHLMC.
ANSWER True
