Soar Mock Exam (70 Questions And Answers) Great Solutions

How many discount points does a 2/1 buydown typically cost? {Ans: 2.5}Chris earns $36,000 per year from his primary job. He also has a 2nd job in the same line of work earning $11.25 per hour. He is only able to work 12 hours a week on the 2nd job but has been doing so for 8 months. What is his monthly qualifying income? {Ans: not $2,750 See Course 8, Lesson 4}One month of the borrower's current house payment must be included when calculating the new loan amount for a cash-out refinance. {Ans: True}The monthly MI for an FHA loan is calculated by BASE Loan Amount x .85% / 12. {Ans: True}An FHA 203(k) Standard program would require a HUD Consultant. {Ans: True}What are the four General Styles of Communication? {Ans: Expresser, Relater, Driver, Analytic}A borrower can use a credit card to pay for their required down payment. {Ans: False}VA requires connection to a public or community water/sewer disposal system if required by local building, planning, or health authorities. {Ans: True}What is the maximum seller contribution allowed for an investment property at 80% LTV? (FNMA/FHLMC) {Ans: 2%}If a borrower tells you