Exam (elaborations)
Xinnix Exam – Questions and answers 100% Verified.
- Course
- Institution
Xinnix Exam – Questions and answers 100% Verified.
[Show more]
Content preview
Xinnix Exam – Questions andanswers 100% Verified.
Loans with an LTV >80% will typically require mortgage insurance.
(FNMA/FHLMC) - -True
-What is the maximum seller contribution allowed for a primary residence at
95% LTV? (FNMA/FHLMC) - -3%
-On an ARM, redisclosure of the Truth in Lending is required if the APR
changes more than ____%? - -.25
-FHA loans have both a BASE Loan Amount and Total Loan Amount - -True
-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 relative and would require a gift letter, as well as proof that the funds have
been transferred to the borrower's account.
-A straw buyer is an individual who is paid to purchase a property and apply
for a mortgage for someone who is unable to qualify for a loan. - -True
-Desktop Underwriter (DU) would result in a decision of Approve/Ineligible on
a loan with excellent credit which qualifies as a jumbo loan program - -True
-If a borrower qualifies for an agency loan of $295,750, FHA is a viable loan
option. - -True
-Using the following information, answer the following conventional financed
MI loan question.
Sales Price = $185,000
Down Payment = 10%
Credit Score = 635
20-year Fixed Rate
Owner-occupied
What is the Total Loan Amount and MI Factor? - -$169,.65%
-As a pillar of relationship selling, to Know You means to have what? - -
Name recognition
-The following are types of renovation mortgages: - -FNMA HomeStyle, FHA
203(k)
, -Your borrower is paid $1,950 bi-weekly and has been on his job for three
years. His wife works part-time and makes $10.25/hour. She works 20 hours
per week and has been on her job for two years. What is their combined
monthly income? - -$5,113
Bi-weekly: $ x = 4225
Hourly: $ x # hours x = 888
Combined: 4225 + 888 = 5113
-What is the maximum seller contribution allowed for an investment
property at 80% LTV? (FNMA/FHLMC) - -2%
-Flipping is a scheme where several people each purchase a property within
the neighborhood and then sell the properties to one another, inflating the
price of the home with each sale. - -False.
The perpetrator purchases a piece of property and resells it quickly (often
the same day) at a much higher price.
-Redisclosure of the Truth in Lending is required if the APR changes more
than ____%? - -.125
-If a borrower qualifies for an agency loan of $325,000, FNMA is a viable loan
option. - -True
-If the VA maximum entitlement has been changed by law, a veteran's COE
may show an available amount which is less than the VA maximum allowable
entitlement. - -True
-A veteran has the ability to transfer a portion of their entitlement to
another veteran. - -False
-A HUD consultant would not be required for an FHA 203(k) standard
program. - -False
-The maximum LTV for an FHA cash-out refinance is 85%. - -False (80%)
-Using the information provided, answer the following question for
conventional financing:
Sales price = $248,500
Down payment = 10%
Seller Contribution = $4,500
Closing Costs = 2.5%
Prepaids = 1%
What is the cash-to-close? - -$28,426
-Which agency allows a borrower to qualify at the start rate for qualifying on
a fixed rate with Buydown? - -VA
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Nursephil2023. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67866 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now