Business > EXAM > Xinnix Ground School Mortgage Final Exam | 55 Questions with 100% Correct Answers (All)

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Xinnix Ground School Mortgage Final Exam | 55 Questions with 100% Correct Answers

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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 have the same number of pay periods per year - ✔✔False FHA Case Numbers are tied to the property, not the borrower. - ✔✔True Judgments and tax liens are required to be paid off at or prior to loan closing. (FNMA/FHLMC) - ✔✔True Unreimbursed business expenses can be located on Form 2106 of a borrower's personal tax return. - ✔✔True HOA dues are included in the PITI calculation - ✔✔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. VA sets their own maximum loan limits. - ✔✔False The monthly MI for an FHA loan is calculated by BASE Loan Amount x .85% /12 - ✔✔True Redisclosure of the Truth in Lending is required if the PAR changes more than _____% on a fixed rate loan? - ✔✔.125 [Show More]

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