Xinnix Final Exam Study Guide
On an FHA loan the upfront MIP should be included when calculating
cash-to-close. - Answer️️ -False
The borrower must have 5% of their own funds when putting 15% down
on a primary residence. (FNMA) - Answer️️ -False
A 3-Year ARM adjusts every 3 years - Ans...
On an FHA loan the upfront MIP should be included when calculating
cash-to-close. - Answer✔️✔️-False
The borrower must have 5% of their own funds when putting 15% down
on a primary residence. (FNMA) - Answer✔️✔️-False
A 3-Year ARM adjusts every 3 years - 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. -
Answer✔️✔️-False
A HELOC loan has an interest only payment - Answer✔️✔️-True
A borrower paid semi-monthly and a borrower paid bi-weekly have the
same number of pay periods per year - Answer✔️✔️-False
FHA Case Numbers are tied to the property, not the borrower. -
Answer✔️✔️-True
Judgments and tax liens are required to be paid off at or prior to loan
closing. (FNMA/FHLMC) - Answer✔️✔️-True
Unreimbursed business expenses can be located on Form 2106 of a
borrower's personal tax return. - Answer✔️✔️-True
HOA dues are included in the PITI calculation - 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.... -
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. - Answer✔️✔️-False
The monthly MI for an FHA loan is calculated by BASE Loan Amount x
.85% /12 - Answer✔️✔️-True
Redisclosure of the Truth in Lending is required if the PAR changes more
than _____% on a fixed rate loan? - Answer✔️✔️-.125
If a veteran has previously used their VA entitlement and it has not yet
been restored, their COE may show an available amount which is less that
the VA maximum allowable entitlement - Answer✔️✔️-True
A room addition is allowed under the FHA 203(k) Limited program. -
Answer✔️✔️-False
The maximum allowable ratios for an owner-occupant when using a non-
occupant co-borrower per FHLMC guidelines is ______________. -
Answer✔️✔️-35/43
A borrower is considering a 1-year ARM with a note rate of 4.25%, 2/6
caps and a margin of 2.5%. What would the borrower's interest rate be for
year 2 if the index is at 4.25%? - Answer✔️✔️-6.25%
The builder must provide an appraisal certificate to the mortgage company
on an FHA new construction loan prior to closing. - Answer✔️✔️-False
All of the following documents must be provided by the builder to the
mortgage company on an FHA new construction loan prior to the loan
being cleared to close EXCEPT: - Answer✔️✔️-Appraisal Certificate
MUST BE PROVIDED: Certificate of Occupancy, Builder's 1-Year
Warranty, Insulation Certificate
After the borrower submits a complete loan application, the LE must be
delivered or placed in the mail within how many days? - Answer✔️✔️-3
business days
Which document is not necessary for the builder provide to the mortgage
company on an FHA new construction loan prior to the loan being cleared
to close? - Answer✔️✔️-Appraisal Certificate
Ms. Armstrong is paid an hourly wage of $17.50. She receives time and a
half for overtime (more than 40 hours per week) and has been averaging 50
hours every week, since starting with the company five years ago. Her
current paystub from 7/15 of this year shows a YTD gross income of
$26,260. Her W2 from last year shows $48,048 and the year before shows
$46,116.
3
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