Xinnix Ground School Mortgage Final ACTUAL
EXAM/ MOSTLY TESTED QUESTIONS AND CORRECT
DETAILED ANSWERS| 100% CORRECT
SOLUTIONS/GRADE A+
Terms in this set (55) Original
On an FHA loan the upfront MIP should be included when
False
calculating cash-to-close.
The borrower must have 5% of their own funds when putting
False
15% down on a primary residence. (FNMA)
, A 3-Year ARM adjusts every 3 years True
A Loan Officer can locate the summary of the eligibility
requirements for a loan to be sold to a specific lender/investor False
in the lender specs.
A HELOC loan has an interest only payment True
A borrower paid semi-monthly and a borrower paid bi-weekly
False
have the same number of pay periods per year
FHA Case Numbers are tied to the property, not the borrower. True
Judgments and tax liens are required to be paid off at or prior
True
to loan closing. (FNMA/FHLMC)
Unreimbursed business expenses can be located on Form 2106
True
of a borrower's personal tax return.
EXAM/ MOSTLY TESTED QUESTIONS AND CORRECT
DETAILED ANSWERS| 100% CORRECT
SOLUTIONS/GRADE A+
Terms in this set (55) Original
On an FHA loan the upfront MIP should be included when
False
calculating cash-to-close.
The borrower must have 5% of their own funds when putting
False
15% down on a primary residence. (FNMA)
, A 3-Year ARM adjusts every 3 years True
A Loan Officer can locate the summary of the eligibility
requirements for a loan to be sold to a specific lender/investor False
in the lender specs.
A HELOC loan has an interest only payment True
A borrower paid semi-monthly and a borrower paid bi-weekly
False
have the same number of pay periods per year
FHA Case Numbers are tied to the property, not the borrower. True
Judgments and tax liens are required to be paid off at or prior
True
to loan closing. (FNMA/FHLMC)
Unreimbursed business expenses can be located on Form 2106
True
of a borrower's personal tax return.
