Xinnix

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 car...

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 car...

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 Correct Answer: True What following repairs are allowed under the FHA 203(K) Standard Program Correct Answer: - 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 de...

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 payme...

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. Correct Answer: False YTD paystubs will be requires from a borrower that is self-employed (schedule C) Correct Answer: False A borrower requesting a jumbo loan will qualify for an agency loan Correct Answer: False Trailing spouse income can be used for qualifying purposes. Correct Answer: False The ...

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 following are types of renovation mortgages - FNMA Homestyle and ...

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, 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 - No ...

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-we...