Xinnix Ground School Exam Questions With Answers
first-time homebuyer
Someone who has never owned a home
Move-up homebuyer
Currently owns, or has previously owned a home and is looking to move up in price, location, size, etc.
Relocation Homebuyer
Purchasing a new home in a different ...
xinnix ground school exam questions with answers f
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Xinnix Ground School Exam Questions With
Answers
first-time homebuyer
Someone who has never owned a home
Move-up homebuyer
Currently owns, or has previously owned a home and is looking to move up in price, location, size, etc.
Relocation Homebuyer
Purchasing a new home in a different city or state due to job transfer or personal desire
Affluent homebuyer
Well seasoned in home buying process. Knowledgeable, financially savvy, busy.
Empty-nester homebuyer
Experienced homebuyers looking to downsize due to age and no dependent children.
Investor homebuyer
Well seasoned and knowledgeable about mortgage process. Rate sensitive, smarter, potentially
impatient and time sensitive. Looking to close as quickly as possible.
End lender in mortgage banking
correspondent lender
End lender in mortgage brokering
wholesale lender
Correspondent lenders
purchase closed loans from banks and mortgage bankers. Warehouse line of credit.
Wholesale lenders
Table fund at closing. All closing docs in name of wholesale lender.
Fannie Mae (FNMA)
Federal National Mortgage Association
Freddie Mac (FHLMC)
Federal Home Loan Mortgage Corporation
FHA
Federal Housing Administration
VA
, Veteran's Administration
Non-agency loans
Comprise any loans not made by the 4 lending agencies
Conforming loans
Any agency loan
Jumbo loan
Any conventional loan that is in excess of the loan limits set by Fannie Mae and Freddie Mac. All
jumbo loans are, by definition, nonconforming; the reverse, however, is not true.
Conventional
A loan NOT insured by FHA or VA
Non-conforming
Any loan that does NOT conform to Freddie Mac or Fannie Mae guidelines
URLA
Uniform residential loan application. 1003.
Construction loan
A short-term, interim loan for financing the cost of construction. The lender makes payments to the
builder at periodic intervals as the work progresses.
Construction-permanent loan
Same as Construction loan except that long-term financing replaces the interim financing upon home
completion.
Primary residence (owner-occupied, principal residence)
Residence that the owner physically occupies
Secondary residence (second home)
Property purchased for occupancy but not considered primary residence. Such as a vacation home.
Investment property (rental property)
Property purchased by borrower with no intention to occupy and is instead used to establish rental
income cash flow.
Primary residence > Second home > Investment property
Risk of default to lender rated lowest to highest based on property purpose.
Single Family Detached
A dwelling with no shared walls, designed to be used by one household
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