Xinnix Ground School Mortgage Final Exam with Complete Solutions
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Course
Xinnix
Institution
Xinnix
Xinnix Ground School Mortgage Final Exam with
Complete Solutions
On an FHA loan the upfront MIP should be included when calculating cash-to-close.
Correct Answer-False
The borrower must have 5% of their own funds when putting 15% down on a primary
residence. (FNMA) Correct Answer-False
Xinnix Ground School Mortgage Final Exam with
Complete Solutions
On an FHA loan the upfront MIP should be included when calculating cash-to-close.
Correct Answer-False
The borrower must have 5% of their own funds when putting 15% down on a primary
residence. (FNMA) Correct Answer-False
A 3-Year ARM adjusts every 3 years Correct Answer-True
A Loan Officer can locate the summary of the eligibility requirements for a loan to be sold to a
specific lender/investor in the lender specs. Correct Answer-False
A HELOC loan has an interest only payment Correct Answer-True
A borrower paid semi-monthly and a borrower paid bi-weekly have the same number of pay
periods per year Correct Answer-False
FHA Case Numbers are tied to the property, not the borrower. Correct Answer-True
, Xinnix Ground School Mortgage Final Exam with
Complete Solutions
Judgments and tax liens are required to be paid off at or prior to loan closing. (FNMA/FHLMC)
Correct Answer-True
Unreimbursed business expenses can be located on Form 2106 of a borrower's personal tax
return. Correct Answer-True
HOA dues are included in the PITI calculation Correct Answer-False
A borrower's brother would like to give her money to help towards the down payment of her
new house. This would be considered.... Correct Answer-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.
VA sets their own maximum loan limits. Correct Answer-False
The monthly MI for an FHA loan is calculated by BASE Loan Amount x .85% /12 Correct
Answer-True
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