XINNIX TEST COMPILATION BUNDLE

Xinnix Questions with correct answers 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 require...

Xinnix Ground School Questions with correct Answers 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 YTD paystubs will be requires from a borrower th...

Xinnix Flight School Study Cards Questions with correct 2023 T or F - You are required to disclose why a loan was declined, if applicable, to the lender you are transferring a loan package to for all FHA and VA Loans True What following repairs are allowed under the FHA 203(K) Standard Prog...

XINNIX FLIGHT SCHOOL QUESTIONS WITH CORRECT ANSWERS The rate lock period for a refi, with a right of rescission, must be long enough to cover the rescission period. True How long does a borrower have to wait to buy a home after they have had a foreclosure? FHA 3 years What are the s...

Xinnix Ground School Questions with correct Answers first-time homebuyer Someone who has never owned a home Move-up homebuyer Currently owns, or has previously owned a home and is looking to move up in price, location, size, etc. Relocation Homebuyer Purchasing a new home in a dif...

Xinnix Ground School Mortgage Final Exam Questions with correct Answers 2023 On an FHA loan the upfront MIP should be included when calculating cash-to-close. False The borrower must have 5% of their own funds when putting 15% down on a primary residence. (FNMA) False A 3-Year ARM a...

Xinnix SOAR Mock Exam Questions with correct Answers A fixed-rate second mortgage has the loan amount fully disbursed at closing. Monthly payments are amortized over the term of the loan. Once the balance is paid off the mortgage is closed. True A veteran may exchange a portion of their en...

Xinnix SOAR Final Questions with correct Answers FNMA and FHLMC are what type of loan? conforming the main purpose of the Consumer financial protection bureau (CFPB) is to help consumers understand the terms of their agreements with financial companies true conventional loans are n...

Xinnix Final Exam Questions with correct Answers 2023 On an FHA loan the upfront MIP should be included when calculating cash-to-close. False The borrower must have 5% of their own funds when putting 15% down on a primary residence. (FNMA) False A 3-Year ARM adjusts every 3 years T...

Xinnix Quiz Questions with correct Answers Ginnie Mae was wholly created to purchase government mortgages on the secondary market false which of the following was not a reason The Federal Housing Administration (FHA) was created to simplify mortgage forms match in order of creation ...

Xinnix Mock Exam Missed Questions with complete Answers 2023 Chris earns $36,000 per year from his primary job. He also has a 2nd job in the same line of work earning $11.25 per hour. He is only able to work 12 hours a week on the 2nd job but has been doing so for 8 months. What is his monthly qual...

Xinnix Ground School Questions with correct Answers 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 YTD paystubs will be requires from a borrower th...

Mock Exam Review Questions with correct Answers (T or F): If a borrower tells you about a liability that is not listed on the credit report, it doesn't need to be included on the loan application. False What is the maximum seller contribution allowed for a primary residence below 75% LTV?...

TEST: Understanding Niche Products Questions with complete Repairs/renovations can begin AFTER the renovation loan closes. ANSWER: True On a renovation loan, the LTV is based on the after-improved value of the home. ANSWER: True On a FHA 203(k) Limited only structural repairs are al...