Xinnix Final Exam Questions and Answers 100% Pass

Xinnix Final Exam Questions and Answers 100% Pass 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. - Answer- False A HELOC loan has an interest only payment - Answer- True A borrower paid semi-monthly and a borrower paid bi-weekly have the same number of pay periods per year - Answer- False FHA Case Numbers are tied to the property, not the borrower. - Answer- True Judgments and tax liens are required to be paid off at or prior to loan closing. (FNMA/FHLMC) - Answer- True Unreimbursed business expenses can be located on Form 2106 of a borrower's personal tax return. - Answer- True HOA dues are included in the PITI calculation - Answer- False A borrower's brother would like to give her money to help towards the down payment of her new house. This would be considered.... - 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. - Answer- False The monthly MI for an FHA loan is calculated by BASE Loan Amount x .85% /12 - Answer- True Redisclosure of the Truth in Lending is required if the PAR changes more than _____% on a fixed rate loan? - Answer- .125 If a veteran has previously used their VA entitlement and it has not yet been restored, their COE may show an available amount which is less that the VA maximum allowable entitlement - Answer- True A room addition is allowed under the FHA 203(k) Limited program. - Answer- False The maximum allowable ratios for an owner-occupant when using a non-occupant co- borrower per FHLMC guidelines is ______________. - Answer- 35/43 A borrower is considering a 1-year ARM with a note rate of 4.25%, 2/6 caps and a margin of 2.5%. What would the borrower's interest rate be for year 2 if the index is at 4.25%? - Answer- 6.25% The builder must provide an appraisal certificate to the mortgage company on an FHA new construction loan prior to closing. - Answer- False 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: - Answer- Appraisal Certificate