Xinnix final Study guides, Class notes & Summaries

After the borrower submits a complete loan application, the LE must be delivered or placed in the mail within how many days? - 3 business days A program description contains the summary of eligibility requirements for a loan to be sold to a specific lender/investor. - True A borrower purchased a home on January 15th and is moving in on March 2nd. How many days from purchase to move in? (For non-leap years only) - 46 days 1. Gross rent may be considered effective income when an applicant is...

XINNIX Final Questions And Answers With Verified Study Solutions XINNIX Final Questions And Answers With Verified Study Solutions

Xinnix Final Exam Questions With Answers 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 ...

Xinnix Final Exam Questions With Answers 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), $...

Xinnix Final Exam Questions and Answers with Verified Solutions A veteran has the ability to transfer a portion of their entitlement to another veteran. - 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. - Answer ️️ -False Based on the following scenario, does the borrower qualify within FNMA guidelines? PITI: $1,725 monthly Income: $7,000 Debt: $700 ca...

Xinnix Final Exam Questions and Answers 100% Pass A veteran has the ability to transfer a portion of their entitlement to another veteran. - 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. - 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 ...

A borrower's income is a factor considered when determining the principal limit (maximum loan amount) for a reverse mortgage. - False A borrower's brother would like to give her money to help towards the down payment of her new house. This would be considered.... - 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 borrower can use a credit card to pay for their required down payment. - Response: False...

XINNIX Final Exam Verified Questions And Answers 2023/2024 Updates XINNIX Final Exam Verified Questions And Answers 2023/2024 Updates

Xinnix Final Questions and answers latest update 2024

Xinnix Final Exam Questions and Answers 100% Pass 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 A 3-Year ARM adjusts every 3 years - 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. - Answer- False A HELOC loan has an ...