XINNIX Exam| 151+ Questions and Answers 100% Solved
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Course
Xinnix
Institution
Xinnix
XINNIX Exam| 151+ Questions and Answers 100%
Solved
Loans with an LTV >80% will typically require mortgage insurance. (FNMA/FHLMC) Correct
Answer-True
What is the maximum seller contribution allowed for a primary residence at 95% LTV?
(FNMA/FHLMC) Correct Answer-3%
XINNIX Exam| 151+ Questions and Answers 100%
Solved
Loans with an LTV >80% will typically require mortgage insurance. (FNMA/FHLMC) Correct
Answer-True
What is the maximum seller contribution allowed for a primary residence at 95% LTV?
(FNMA/FHLMC) Correct Answer-3%
On an ARM, redisclosure of the Truth in Lending is required if the APR changes more than
____%? Correct Answer-.25
FHA loans have both a BASE Loan Amount and Total Loan Amount Correct Answer-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 _________ 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.
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. Correct Answer-True
, XINNIX Exam| 151+ Questions and Answers 100%
Solved
Desktop Underwriter (DU) would result in a decision of Approve/Ineligible on a loan with
excellent credit which qualifies as a jumbo loan program Correct Answer-True
If a borrower qualifies for an agency loan of $295,750, FHA is a viable loan option. Correct
Answer-True
Using the following information, answer the following conventional financed MI loan
question.
Sales Price = $185,000
Down Payment = 10%
Credit Score = 635
20-year Fixed Rate
Owner-occupied
What is the Total Loan Amount and MI Factor? Correct Answer-$169,.65%
, XINNIX Exam| 151+ Questions and Answers 100%
Solved
As a pillar of relationship selling, to Know You means to have what? Correct Answer-Name
recognition
The following are types of renovation mortgages: Correct Answer-FNMA HomeStyle, FHA
203(k)
Your borrower is paid $1,950 bi-weekly and has been on his job for three years. His wife
works part-time and makes $10.25/hour. She works 20 hours per week and has been on her
job for two years. What is their combined monthly income? Correct Answer-$5,113
Bi-weekly: $ x = 4225
Hourly: $ x # hours x = 888
Combined: 4225 + 888 = 5113
What is the maximum seller contribution allowed for an investment property at 80% LTV?
(FNMA/FHLMC) Correct Answer-2%
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