Xinnix ground school exam - Study guides, Class notes & Summaries

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XINNIX GROUND SCHOOL EXAM QUESTIONS AND ANSWERS LATEST UPDATE 2024

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Xinnix Ground School Exam 160+ Questions and Correct Answers Guaranteed A+

On an FHA loan the upfront MIP should be included when calculating cash-to-close. - False The borrower must have 5% of their own funds when putting 15% down on a primary residence. (FNMA) - False A 3-Year ARM adjusts every 3 years - 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. - False A HELOC loan has an interest only payment - True A borrower paid semi-monthly and a borrower paid bi-weekly hav...

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 Corre...

XINNIX Ground School Final Exam/6 Complete Q’s and A’s

Xinnix Ground School Exam Questions With Answers Flipping is a scheme where several people each purchase a property within the neighborhood and then sell the properties to one another, inflating the price of the home with each sale. False YTD paystubs will be requires from a borrower that is self-employed (schedule C) False A borrower requesting a jumbo loan will qualify for an agency loan False Trailing spouse income can be used for qualifying purposes. False The follow...

XINNIX GROUND SCHOOL EXAM WITH QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS | ALREADY GRADED A+ On an FHA loan the upfront MIP should be included when calculating cash-to-close. - ANSWER-False The borrower must have 5% of their own funds when putting 15% down on a primary residence. (FNMA) - ANSWER-False 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 ...