Xinnix - Study guides, Class notes & Summaries

XINNIX FINAL EXAM LATEST 2024 WITH ACTUAL QUESTIONS AND CORRECT VERIFIED ANSWERS/ALREADY GRADED A+ 100% GUARANTEED TO PASS CONCEPTS(ALL WHAT YOU NEED) LATEST EDITION 2024

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XINNIX Ground School Mortgage Final Exam | Complete Questions And Answers XINNIX Ground School Mortgage Final Exam | Complete Questions And Answers

XINNIX FINAL EXAM LATEST EXAM | GRADED A+ | VERIFIED ANSWERS | ALL QUESTIONS AND ANSWERS (JUST RELEASED)

Based on the following scenario, what is the borrower's qualifying ratios under FHLMC guidelines? PITI: $3,350 monthly Income: $8,350 monthly Debt: $595 - car payment - 40.12% / 47.25% 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. - 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 _________ - A gift from a relativ...

After the borrower submits a complete loan application, the LE must be delivered or placed in the mail within how many days? - 3 business days A program description contains the summary of eligibility requirements for a loan to be sold to a specific lender/investor. - True A borrower purchased a home on January 15th and is moving in on March 2nd. How many days from purchase to move in? (For non-leap years only) - 46 days 1. Gross rent may be considered effective income when an applicant is...

Xinnix Final | Questions| with 100% Correct Answers 2024 VERIFIED GRADED A+ A veteran has the ability to transfer a portion of their entitlement to another veteran. - Answer- False Gross rent may be considered effective income when an applicant is planning to rent their current residence after closing on the purchase of their new home. - Answer- False On an FHA loan the upfront MIP should be included when calculating cash-to-close. - Answer- False The borrower must have 5% of their o...

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Using the information provided, answer the following question: Sales price = $225,000 Seller Contribution = $6,000 Closing Costs = $5,580 Prepaids = $2,250 What is the cash-to-close? - $9,705 A refinance transaction resulting from a divorce settlement where either the borrower or the coborrower is required to "buy-out" the other party's interest in the mortgage property, is considered a rate and term refinance as long as the borrower who acquires sole ownership receives no cash out of ...