Xinnix Final Exam Questions and Answers with Verified Solutions

Xinnix Final Exam Questions and Answers with Verified Solutions 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 ($1,530 balance - Answer ️️ -No YTD paystubs will be required from a borrower that is self-employed (Schedule C). - Answer ️️ -False The maximum LTV for an FHA purchase is 97%. - Answer ️️ -False 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. - Answer ️️ -False Based on the following scenario, does the borrower qualify within the FHLMC guidelines? PITI: $1,375 monthly Income: $4,950 monthly Debt: $350 car payment, $420 student loan ($4,500 balance), $75 credit card payments ($850 balance). - Answer ️️ -No One month of the borrower's current house payment must be included when calculating the new loan amount for a cash-out refinance - Answer ️️ -True The qualifying rate for a 7/1 ARM is 2% above the start rate. - Answer ️️ -False Churning schemes usually involve falsified down payment amounts and falsified appraisals. - Answer ️️ -False A borrower can use a credit card to pay for their required down payment - Answer ️️ -False A borrower's income is a factor considered when determining the principal limit (maximum loan amount) for a reverse mortgage. - Answer ️️ -False A 30-year conventional loan with an 87% LTV would require 25% mortgage insurance coverage. - Answer ️️ -True A borrower that is self-employed (Schedule C) will typically not be required to provide a YTD paystub. - Answer ️️ -True Loans with an LTV >80% will typically require mortgage insurance. (FNMA/FHLMC) - Answer ️️ -True A fixed-rate second mortgage has the loan amount fully disbursed at closing. Monthly payments are amortized over the term of the loan. Once the balance is paid off the mortgage is closed. - Answer ️️ -True