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Xinnix SOAR Final Questions With Correct Solutions, Already Passed!!
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Using the information provided, answer the following question: Sales price = $225,000 Seller Contribution = $6,000 Closing Costs = $5,580 Prepaids = $2,250 What is the cash-to-close? - $9,705 A refinance transaction resulting from a divorce settlement where either the borrower or the coborrow...

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  • August 20, 2024
  • 54
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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Xinnix SOAR Final
Using the information provided, answer the following question:

Sales price = $225,000

Seller Contribution = $6,000

Closing Costs = $5,580

Prepaids = $2,250

What is the cash-to-close? - $9,705



A refinance transaction resulting from a divorce settlement where either the borrower or the co-
borrower is required to "buy-out" the other party's interest in the mortgage property, is considered a
rate and term refinance as long as the borrower who acquires sole ownership receives no cash out of the
proceeds. - true



One of the LEAST common reasons that a renovation loan does not close is because the after-improved
value does not support the renovations being done to the home. - false




1 year ARM is riskier than a 30-year fixed rate loan - true



2 years of residency must be verified - true



5/25 balloon - The loan is fixed for 5 years and then the note is due (balloons) or the customer
chooses to extend.



95% LTV is riskier than 90% LTV because the borrower has less of their funds invested - true



A "J" on the Total Closing Costs line indicates joint borrowers' costs are combined. - true

,A "ratio" guideline, i.e. 28% "housing to income" ratio, can only be exceeded if the President of the
lending company approves. - false



A 3/1 arm will usually have a higher interest rate than a 10/1 arm - false



A 401(k) account can be used for reserves as long as the borrower is fully vested and has access to all
funds, regardless of employment status. - true



A borrower can do both non-structural and structural repairs when using the FHA 203(k) Standard
program. - true



A borrower cannot receive any cash back on a HomeOne

SM

and a HomePossible® refinance. - false



A borrower is required to disclose any income from alimony or child support even if it is not needed to
qualify for the loan. - true



A borrower may need reserves based on automated underwriting findings, and/or based on how many
properties they currently own. - true



a borrower may not be employed by a relative - false



A borrower may use proceeds of a personal or unsecured loan for the down payment. - false



A borrower must always disclose income from alimony or child support in order to qualify for the loan. -
false



A borrower's payment history is by far the most important factor that affects a credit score. - true

,A borrower's payment history is by far the most important factor that affects a credit score. - true



a borrowers income must be likely to continue for at least 3 years - true



a ch. 7 bankruptcy - wipes out debt completely



A copy of the appraisal should be provided within ___ days of a written request when the request is
received within ___ days after the creditor has provided notice of action taken or after the application is
withdrawn. - 30, 90



A creditor can only require the signature of a spouse on a joint application and any instrument necessary
to secure the debt, such as the mortgage or deed. - true



A creditor must notify an applicant in writing (within specific time frames) of action taken on their
completed application, incomplete application or unaccepted counter offer. - true



A gift from the borrower's church is acceptable as long as the minister calls the lender to tell them the
amount of the gift. - false



A letter of explanation is required when the borrower has delinquent credit. - true



A loan with a fixed rate can have a maximum LTV of 97% - true



A military LES is required instead of a VOE. - true



a non-agency loan does not have to conform to FNMA guidelines - true



A poor credit history alone is a basis for disapproving a loan. If credit history is marginal, look to other
indicators such as residual income. - true

, A revolving account with more than ______% of the available credit being used will take points away
from the credit score. - 30%



A self-employed borrower who has had a business for less than two years may be considered for an FHA
loan if they have been in the same line of work for at least two years and have spent one year self-
employed. - true



a seller concession is the amount of money the seller or builder is willing to pay towards the closing
costs, prepaids or discount points. - false



A seller contribution is considered an enticement to buy. - false



A subject property must be hooked up to public water and/or sewer facilities if they are available and
connection is feasible. - true



A subject property must be hooked up to public water and/or sewer facilities if they are available and
the connection is feasible and the seller and borrower will negotiate the cost. - true



A subordination agreement is required on every loan that has secondary financing - false



A Three-file Merged Credit Report (MCR) or a Residential Mortgage Credit Report (RMCR) are the only
type of credit report VA will accept. - true



A USDA Rural development loan is meant for low to moderate income borrowers who truly need
assistance with down payment, credit and income flexibility. It is not meant for those who simply want
to avoid making a down payment. - true



A veteran and their spouse may jointly apply for a VA loan regardless if the spouse is a veteran. -
true



A.S.A.P stands for what for Resolving Customer Concerns? - apologize

sympathize

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