- Study guides, Class notes & Summaries

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 One month of the borrower's current house payment must be included when calculating the new loan amount for a cash-out refinance - CORRECT ANSWERTrue The qualifying rate for a 7/1 ARM is 2% above the start rate. - CORRECT ANSWER-False Churning schemes usually involve falsified down payment amount...

Xinnix Ground School Mortgage Final Exam/ XINNIX GROUND SCHOOL (ACTUAL) LATEST 2024 WITH EXPERT CERTIFIED QUESTIONS AND ANSWERS I ALREADY GRADED A+ NEW

Xinnix Ground School Graded A+ QUESTIONS $ANSWERS 2023. Flipping is a scheme where several people each purchase a property within the neighborhood and then sell the properties to one another, inflating the price of the home with each sale. False YTD paystubs will be requires from a borrower that is self-employed (schedule C) False

Flipping is a scheme where several people each purchase a property within the neighborhood and then sell the properties to one another, inflating the price of the home with each sale. CORRECT ANSWER False YTD paystubs will be requires from a borrower that is self-employed (schedule C) CORRECT ANSWER False A borrower requesting a jumbo loan will qualify for an agency loan CORRECT ANSWER False Trailing spouse income can be used for qualifying purposes. CORRECT ANSWER False The followin...

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 CORRE...

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 pa...

A veteran has the ability to transfer a portion of their entitlement to another veteran. - 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. - 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...