Xinnix ground school mortgage final exam 2023 solved correctly

Xinnix ground school mortgage final exam 2023 solved correctly 1. A veteran has the ability to transfer a portion of their entitlement to another veteran.: False 2. 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.: False 3. 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: No 4. YTD paystubs will be required from a borrower that is self-employed (Schedule C).: False 5. The maximum LTV for an FHA purchase is 97%.: False 6. 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.: False 7. 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).: No 8. One month of the borrower's current house payment must be included when calculating the new loan amount for a cash-out refinance: True 9. The qualifying rate for a 7/1 ARM is 2% above the start rate.: False 10. Churning schemes usually involve falsified down payment amounts and falsified appraisals.: False 11. A borrower can use a credit card to pay for their required down payment- : False 12. A borrower's income is a factor considered when determining the princi- pal limit (maximum loan amount) for a reverse mortgage.: False 13. A 30-year conventional loan with an 87% LTV would require 25% mort- gage insurance coverage.: True