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Xinnix Final Questions and answers latest update 2024

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Xinnix SOAR Final Questions and answers latest update 2024

1. T or F - You are required to disclose why a loan was declined, if applicable, to the lender you are transferring a loan package to for all FHA and VA Loans: True 2. What following repairs are allowed under the FHA 203(K) Standard Pro- gram: - Those allowed by 203(K) limited - converting a 1-family to a 2, 3, 4 family structure. - decreasing an existing multi unit structure to a one to four family structure - Reconstructing a structure that has been or will be demolished, provided the comp...

1. first-time homebuyer: Someone who has never owned a home 2. Move-up homebuyer: Currently owns, or has previously owned a home and is looking to move up in price, location, size, etc. 3. Relocation Homebuyer: Purchasing a new home in a different city or state due to job transfer or personal desire 4. Affluent homebuyer: Well seasoned in home buying process. Knowledgeable, financially savvy, busy. 5. Empty-nester homebuyer: Experienced homebuyers looking to downsize due to age and no depend...

1. A veteran has the ability to transfer a portion of their entitlement to another veteran.: False 2. 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 3. 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: ...

1. A veteran has the ability to transfer a portion of their entitlement to another veteran.: False 2. 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 3. 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: ...