Ground School Mortgage Final Exam Questions With Answers 2024 Updates All Correct With A+ Grade

Income or losses derived from partnerships can be located on Schedule K-1 of a borrower;s personal tax return. {Ans: False}What is the largest house payment Ms. Joyce can have with her current income of $92,650 per year considering she has a $525 car payment and $0 in credit cards? (FHLMC) {Ans: $2,161.83}After the borrower submits a complete loan application, the LE must be delivered or placed in the mail within how many days? {Ans: 3 business days}What is the maximum seller contribution allowed for an investment property at 80% LTV? (FNMA/FHLMC) {Ans: 2%}All of the following documents must be provided by the builder to the mortgage company on an FHA new construction loan prior to the loan being cleared to close EXCEPT: {Ans: Appraisal Certificate MUST BE PROVIDED: Certificate of Occupancy, Builder's 1-Year Warranty, Insulation Certificate}A HELOC loan has an interest only payment {Ans: True}A borrower's brother would like to give her money to help towards the down payment of her new house. This would be considered.... {Ans: 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.}If