Xinnix Final Exam| 125 Questions with 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-Fals
Xinnix Final Exam| 125 Questions with 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 Final Exam| 125 Questions with 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
, Xinnix Final Exam| 125 Questions with Solutions
Redisclosure of the Truth in Lending is required if the PAR changes more than _____% on a
fixed rate loan? Correct 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
Correct Answer-True
A room addition is allowed under the FHA 203(k) Limited program. Correct Answer-False
The maximum allowable ratios for an owner-occupant when using a non-occupant co-
borrower per FHLMC guidelines is ______________. Correct 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%?
Correct Answer-6.25%
The builder must provide an appraisal certificate to the mortgage company on an FHA new
construction loan prior to closing. Correct Answer-False
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