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Xinnix Ground School Mortgage Final Exam 20-25 Questions and Answers 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 interest only payment - ....ANSWER☑️☑️...-True A borrower paid semi-monthly and a borrower paid bi-weekly have the same number of pay periods per year - ....ANSWER☑️☑️...-False FHA Case Numbers are tied to the property, not the borrower. ....ANSWER☑️☑️...-True Judgments and tax liens are required to be paid off at or prior to loan closing. (FNMA/FHLMC) - ....ANSWER☑️☑️...-True Unreimbursed business expenses can be located on Form 2106 of a borrower's personal tax return. - ....ANSWER☑️☑️...-True HOA dues are included in the PITI calculation - ....ANSWER☑️☑️...-False FOR STUDY PURPOSES ONLY ©️ 2025 ALL RIGHTS RESERVED 1