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Xinnix Ground School Final Exam Study 2025 Questions and Answers Which of the following is the correct list of charges included when calculating the borrower's cash-to-close? - ....ANSWER☑️☑️...-Down payment, closing costs, prepaids, discount points, MI paid in cash (UFMIP/FF) There is no minimum needed to run/submit both HomeOne and Home Possible through an automated underwriting system - ....ANSWER☑️☑️...-True A partner's percentage of ownership and earnings can be located on Schedule E part II of their personal tax returns - ....ANSWER☑️☑️...-False lender-paid mortgage insurance (LPMI) is a one-time single premium paid by the lender. In turn, the lender increases the borrower's interest rate to cover the cost of the mortgage insurance paid on their behalf - ....ANSWER☑️☑️...-True Except for high-cost areas, the maximum loan amount on a 1-unit, single family residence is $647,200 - ....ANSWER☑️☑️...-True A borrower who has made an offer on a property, but has not yet provided their paystubs, bank statements and W2s would be issued what letter? ....ANSWER☑️☑️...-Pre-Qualification Letter Judgements and tax liens are required to be paid off at or prior to closing (FNMA/FHLMC) - ....ANSWER☑️☑️...-True FOR STUDY PURPOSES ONLY ©️ 2025 ALL RIGHTS RESERVED 1