Nmls Mortgage Math And Math Calculations 2024/2025 Newest!! Complete Actual Exam Questions And Correct Answers

NMLS MORTGAGE MATH AND MATH CALCULATIONS 2024/2025 NEWEST!! COMPLETE ACTUAL EXAM QUESTIONS AND CORRECT ANSWERS (VERIFIED ANSWERS ) ALREADY GRADED A+. An 80/20 combo loan with the sales price of $175,000, a rate of 6% for the 80% first mortgage, and a rate of 8.5% for the 20% second mortgage would have a first mortgage loan amount of what? - ANSWER-C The first mortgage is 80% of the sale price: $175,000 x 80% = $140,000. A borrower has a stable monthly income of $4,000 and recurring debts of $600. If he's getting an FHA loan, what's the maximum monthly payment for which he would qualify? - ANSWER-Using the payment-to-income ratio of 31%, we get $1,240. But using the total debt to income ratio, we find: $4,000 (income) multiplied by 0.43, which equals $1,720. From that, you subtract monthly debts of $600, leaving $1,120. You are pre-qualifying a borrower for a purchase loan. She has debt equaling $950 each month and gross monthly income totaling $5,200 each month. What is the maximum qualifying house payment, including principal, interest, taxes and insurance on a conventional loan? - ANSWER-Two calculations need to be done: $5,200 x 28% = $1,456, then $5,200.00 x 36%