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Xinnix Exam Practice Questions and Answers (100% Pass)Xinnix Exam Practice Questions and Answers (100% Pass) Loans with an LTV >80% will typically require mortgage insurance. (FNMA/FHLMC) - Answer️️ -True What is the maximum seller contribution allowed$10.49
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Xinnix Exam Practice Questions and Answers (100% Pass)Xinnix Exam Practice Questions and Answers (100% Pass) Loans with an LTV >80% will typically require mortgage insurance. (FNMA/FHLMC) - Answer️️ -True What is the maximum seller contribution allowed
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Course
Xinnix
Institution
Xinnix
Xinnix Exam Practice Questions and
Answers (100% Pass)
Loans with an LTV >80% will typically require mortgage insurance.
(FNMA/FHLMC) - Answer️️ -True
What is the maximum seller contribution allowed for a primary residence
at 95% LTV? (FNMA/FHLMC) - Answer️️ -3%
On an ARM, redisclo...
Xinnix Exam Practice Questions and
Answers (100% Pass)
Loans with an LTV >80% will typically require mortgage insurance.
(FNMA/FHLMC) - Answer✔️✔️-True
What is the maximum seller contribution allowed for a primary residence
at 95% LTV? (FNMA/FHLMC) - Answer✔️✔️-3%
On an ARM, redisclosure of the Truth in Lending is required if the APR
changes more than ____%? - Answer✔️✔️-.25
FHA loans have both a BASE Loan Amount and Total Loan Amount -
Answer✔️✔️-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 _________ -
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.
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. -
Answer✔️✔️-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 - Answer✔️✔️-True
If a borrower qualifies for an agency loan of $295,750, FHA is a viable loan
option. - Answer✔️✔️-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? - Answer✔️✔️-$169,247 /
1.65%
As a pillar of relationship selling, to Know You means to have what? -
Answer✔️✔️-Name recognition
The following are types of renovation mortgages: - Answer✔️✔️-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? - Answer✔️✔️-$5,113
What is the maximum seller contribution allowed for an investment
property at 80% LTV? (FNMA/FHLMC) - Answer✔️✔️-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. - Answer✔️✔️-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 ____%? - Answer✔️✔️-.125
If a borrower qualifies for an agency loan of $325,000, FNMA is a viable
loan option. - Answer✔️✔️-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. - Answer✔️✔️-True
A veteran has the ability to transfer a portion of their entitlement to another
veteran. - Answer✔️✔️-False
A HUD consultant would not be required for an FHA 203(k) standard
program. - Answer✔️✔️-False
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