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Xinnix Final Exam Questions With Answers
- Tentamen (uitwerkingen) • 17 pagina's • 2024
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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), $...
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Xinnix Final Exam Questions With Answers
- Tentamen (uitwerkingen) • 11 pagina's • 2024
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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), $...
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Xinnix Final Exam Questions With Answers
- Tentamen (uitwerkingen) • 12 pagina's • 2024
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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 
 
 
...
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Xinnix Final Exam Questions With Answers
- Tentamen (uitwerkingen) • 17 pagina's • 2024
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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), $...
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Xinnix Ground School Exam Questions With Answers
- Tentamen (uitwerkingen) • 14 pagina's • 2024
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Xinnix Ground School Exam Questions With Answers 
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 follow...
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Xinnix Ground School Exam Questions With Answers
- Tentamen (uitwerkingen) • 7 pagina's • 2024
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Xinnix Ground School Exam Questions With Answers 
first-time homebuyer 
Someone who has never owned a home 
 
 
Move-up homebuyer 
Currently owns, or has previously owned a home and is looking to move up in price, location, size, etc. 
 
 
Relocation Homebuyer 
Purchasing a new home in a different city or state due to job transfer or personal desire 
 
 
Affluent homebuyer 
Well seasoned in home buying process. Knowledgeable, financially savvy, busy. 
 
 
Empty-nester homebuyer 
Experienced home...
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Xinnix SOAR Final Questions With Verified Answers Graded A+
- Tentamen (uitwerkingen) • 48 pagina's • 2024
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Xinnix SOAR Final Questions With Verified Answers Graded A+ 
FNMA and FHLMC are what type of loan? 
conforming 
 
 
the main purpose of the Consumer financial protection bureau (CFPB) is to help consumers understand the terms of their agreements with financial companies 
true 
 
 
conventional loans are not insured by the federal government 
true 
 
 
Agency loans include FHA and VA loans 
true 
 
 
the proceeds of a loan for cash out refinance may be used by the borrower to insure a new pool 
t...
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Xinnix SOAR Mock Exam Questions With Correct Answers
- Tentamen (uitwerkingen) • 6 pagina's • 2024
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Xinnix SOAR Mock Exam Questions With Correct Answers 
A fixed-rate second mortgage has the loan amount fully disbursed at closing. Monthly payments are amortized over the term of the loan. Once the balance is paid off the mortgage is closed. 
True 
 
 
A veteran may exchange a portion of their entitlement for cash. 
False 
 
 
Judgments and tax liens are required to be paid off at or prior to loan closing. (FNMA/FHLMC) 
True 
 
 
Gross rent may be considered effective income when an applicant is...
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XINNIX FLIGHT SCHOOL EXAM WITH CORRECT ANSWERS
- Tentamen (uitwerkingen) • 15 pagina's • 2024
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XINNIX FLIGHT SCHOOL EXAM WITH CORRECT ANSWERS 
The rate lock period for a refi, with a right of rescission, must be long enough to cover the rescission period. 
True 
 
 
How long does a borrower have to wait to buy a home after they have had a foreclosure? FHA 
3 years 
 
 
What are the steps you should follow to determine the correct MI? 
LTV, term, product type, occupancy type and coverage. 
 
 
Typically, files that have to be manually underwritten are subject to less strict guidelines. 
Fa...
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Xinnix SOAR Mock Exam Questions and Answers 100% Correct | Graded A+
- Tentamen (uitwerkingen) • 9 pagina's • 2024
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Xinnix SOAR Mock Exam Questions and 
Answers 100% Correct | Graded A+ 
A fixed-rate second mortgage has the loan amount fully disbursed at 
closing. Monthly payments are amortized over the term of the loan. Once 
the balance is paid off the mortgage is closed. - True 
A veteran may exchange a portion of their entitlement for cash. - False 
Judgments and tax liens are required to be paid off at or prior to loan 
closing. (FNMA/FHLMC) - True 
Gross rent may be considered effective income when an a...