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Xinnix Ground School Mortgage Final Exam Questions With Correct Answers /.On an FHA loan the upfront MIP should be included when calculating cash-to-close. - Answer-False /.The borrower must have 5% of their own funds when putting 15% down on a primary residence. (FNMA) - Answer-False /.A 3-Year ARM adjusts every 3 years - 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. - An...

A borrower's brother would like to give her money to help towards the down payment of her new house. This would be considered.... - CORRECT ANSWER-A gift from a relative and would require a gift letter, as well as proof that the funds have been transferred to the borrower's account. VA sets their own maximum loan limits. - CORRECT ANSWER-False The monthly MI for an FHA loan is calculated by BASE Loan Amount x .85% /12 - CORRECT ANSWER-True Redisclosure of the Truth in Lending is req...

Xinnix Ground School Mortgage Final ACTUAL EXAM/ MOSTLY TESTED QUESTIONS AND CORRECT DETAILED ANSWERS| 100% CORRECT SOLUTIONS/GRADE A+

Desktop Underwriting (DU) would result in a decision of Approve/Ineligible on a loan with excellent credit which qualifies as a jumbo loan program. - True All of the following documents must be provided by the builder to the mortgage company on an FHA new construction loan prior to the loan being cleared to close EXCEPT: - Appraisal Certificate A borrower's brother would like to give her money to help towards the down payment of her new house. This would be considered.... - A gift from a r...

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

Xinnix Ground School Mortgage Final Exam with complete solutions. On an FHA loan the upfront MIP should be included when calculating cash-to-close. - correct answers.False The borrower must have 5% of their own funds when putting 15% down on a primary residence. (FNMA) - correct answers.False A 3-Year ARM adjusts every 3 years - correct answers.True A Loan Officer can locate the summary of the eligibility requirements for a loan to be sold to a specific lender/investo...

Xinnix Ground School Mortgage Final Exam with correct answers. On an FHA loan the upfront MIP should be included when calculating cash-to-close. - correct answers.False The borrower must have 5% of their own funds when putting 15% down on a primary residence. (FNMA) - correct answers.False A 3-Year ARM adjusts every 3 years - correct answers.True A Loan Officer can locate the summary of the eligibility requirements for a loan to be sold to a specific lender/investor...