Xinnix Final Exam Questions With Answers

Xinnix Final Exam Questions With Answers A veteran has the ability to transfer a portion of their entitlement to another veteran. 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. 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 No YTD paystubs will be required from a borrower that is self-employed (Schedule C). False The maximum LTV for an FHA purchase is 97%. 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. 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). No One month of the borrower's current house payment must be included when calculating the new loan amount for a cash-out refinance True The qualifying rate for a 7/1 ARM is 2% above the start rate. False Churning schemes usually involve falsified down payment amounts and falsified appraisals. False A borrower can use a credit card to pay for their required down payment False