Xinnix Final | 186 Questions| with 100% Correct Answers
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Course
Xinnix
Institution
Liberty University
A veteran has the ability to transfer a portion of their entitlement to another veteran. - False 1. 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. - False Based on the following scenario, d...
xinnix final | 186 questions| with 100 correct answers
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Xinnix
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Xinnix Final | 186 Questions| with 100% Correct Answers
A veteran has the ability to transfer a portion of their entitlement to another veteran. Correct
Answer: False
1. 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. Correct Answer: False
Based on the following scenario, does the borrower qualify within FNMA guidelines?
PITI: $1,725 monthly
Income: $7,000
Debt: $700 car payment, $375 student loan ($2,250 balance), $170 credit card payments ($1,530
balance Correct Answer: No
YTD paystubs will be required from a borrower that is self-employed (Schedule C). Correct
Answer: False
The maximum LTV for an FHA purchase is 97%. Correct Answer: False
If your borrower is being relocated and needs to close in 30-days, and their spouse will not be
moving for 3 months, the spouse's income can still be used to qualify. Correct Answer: False
Based on the following scenario, does the borrower qualify within the FHLMC guidelines?
PITI: $1,375 monthly
Income: $4,950 monthly
Debt: $350 car payment, $420 student loan ($4,500 balance), $75 credit card payments ($850
balance). Correct Answer: No
One month of the borrower's current house payment must be included when calculating the new
loan amount for a cash-out refinance Correct Answer: True
The qualifying rate for a 7/1 ARM is 2% above the start rate. Correct Answer: False
Churning schemes usually involve falsified down payment amounts and falsified appraisals.
Correct Answer: False
A borrower can use a credit card to pay for their required down payment Correct Answer: False
A borrower's income is a factor considered when determining the principal limit (maximum loan
amount) for a reverse mortgage. Correct Answer: False
A 30-year conventional loan with an 87% LTV would require 25% mortgage insurance
coverage. Correct Answer: True
, A borrower that is self-employed (Schedule C) will typically not be required to provide a YTD
paystub. Correct Answer: True
Loans with an LTV >80% will typically require mortgage insurance. (FNMA/FHLMC) Correct
Answer: True
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.
Correct Answer: True
A borrower must qualify at the note rate on a temporary buydown, not the start rate. Correct
Answer: True
A lender must notify an applicant of action taken within 30 days after receiving a completed
application concerning the lender's approval of, counteroffer to, or adverse action on the
application. Correct Answer: True
FNMA and FHLMC are fully backed by the U.S. Government Correct Answer: True
The Correspondent Lender is the "end" lender in a mortgage banker's transaction Correct
Answer: True
A stand alone second mortgage is obtained separately from a first mortgage. Correct Answer:
True
Except for high-cost areas, the maximum loan amount on a 1-unit, single family residence is
$510,400. Correct Answer: True
When using automated underwriting for a FNMA loan, DU will determine the borrower's reserve
requirement for an investment property. Correct Answer: True
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 Correct Answer: False
HomeOne will allow up to 97% LTV for a primary residence, 1-Unit purchase if at least one of
the borrowers has not owned a home in the last 3 years. A borrower who has not owned a home
in the last three years is considered a first-time home buyer under HomeOne Correct Answer:
True
Relief Refinance Program loans are designed to help homeowners who are current on their
mortgage payments but are unable to refinance due to a drop in their home value. Correct
Answer: True
When adjusting a 1-Year ARM with 2/6 caps, the rate at the beginning of year 2 will be
determined by the Start Rate + Annual Cap or the Fully-indexed rate, whichever is less. Correct
Answer: True
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