Xinnix Final | 186 Questions| with 100% Correct Answers

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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 re... sidence 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 YTD paystubs will be required from a borrower that is self-employed (Schedule C). - False The maximum LTV for an FHA purchase is 97%. - False If your borrower is being relocated and needs to close in 30-days, and their spouse will not be moving for 3 months, the spouse's income can still be used to qualify. - False Based on the following scenario, does the borrower qualify within the FHLMC guidelines? PITI: $1,375 monthly Income: $4,950 monthly Debt: $350 car payment, $420 student loan ($4,500 balance), $75 credit card payments ($850 balance). - No One month of the borrower's current house payment must be included when calculating the new loan amount for a cash-out refinance - True The qualifying rate for a 7/1 ARM is 2% above the start rate. - False Churning schemes usually involve falsified down payment amounts and falsified appraisals. - False A borrower can use a credit card to pay for their required down payment - False A borrower's income is a factor considered when determining the principal limit (maximum loan amount) for a reverse mortgage. - False [Show More]

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