1.
If a borrower's PITI is $1,275.00, what is the minimum gross monthly income that the applicant should earn in order to qualify for an FHA loan assuming that the applicant has no other debt?
1 out of 30
2.
If a home purchaser paid $12,450 in points on a $415,000 loan amount, how many points did she buy?
2 out of 30
3.
What is the per diem on a loan balance of $410,776 at 3.875% interest?
3 out of 30
4.
The Smiths are buying a house for $200,000. After their 10% down payment, they’ve also decided to pay two discount points. What is the dollar amount of the discount points?
4 out of 30
5.
What is the bi-weekly, interest-only payment on a loan amount of $150,000 at 5% fixed?
5 out of 30
6.
What is the monthly interest-only payment on a loan amount of $200,000 at 6% fixed?
6 out of 30
7.
Eddie earns $35 per hour through a 40-hour work week. What is the semi-monthly equivalence of his current income?
7 out of 30
8.
Ms. Davis is a nurse at the local hospital. She has worked the night shift for three years and plans to continue this schedule. Her base pay is $29.50 per hour plus a 5% shift differential. She averages 35 hours per week. What is her qualifying income?
8 out of 30
9.
Tom and Cindy are buying a house with a $300,000 sales price and their LTV will be 80%. They paid $3,600 in discount points. How many total points did they pay?
9 out of 30
10.
If two loans constitute a 95% CLTV and the first loan is 80%, what is the balance of the second loan if the property value is $295,000?
10 out of 30
11.
A property is valued at $295,000. There is a first and second mortgage with a 77% CLTV. The second mortgage has a 10% LTV. What is the amount of the first mortgage?
11 out of 30
12.
A borrower is employed part-time and has been employed in the same position for over three years. She averages 22.5 hours per week. Last year she earned $36,750 and the year before $31,275.00 With what monthly income would you credit her?
12 out of 30
13.
If a zero-point interest rate is 6.375% and paying two points would reduce the rate by 1.25%, what would the new rate be assuming the borrower paid the two points?
13 out of 30
14.
If a borrower pays 2.5% in discount points on a $335,000 purchase price for which she puts 25% down, how much did she spend on points?
14 out of 30
15.
An applicant earns an hourly base rate of $36.50 plus a 5% shift differential working a 40-hour work week. Along with this, he also earns $1,000 per month in untaxed social security. What is his monthly income?
15 out of 30
16.
If an applicant earns a base salary of $23.00 per hour and works a 40-hour work week with a 1/2-hour unpaid lunch hour daily, what is his bi-weekly income?
16 out of 30
17.
How much interest would a borrower pay over 15 years on his $350,000 4.125% 30-year fixed, interest-only 15 mortgage if all he remitted was the interest-only payment over the 15-year interest-only period?
17 out of 30
18.
A homebuyer is purchasing a new home for $375,750.00. He is putting 15% down. The home appraised for $385,000.00. What is the original loan amount?
18 out of 30
19.
A couple has qualified for a $245,600 loan. They are told that the broker fee will cost two points. What is the dollar amount of the broker fee?
19 out of 30
20.
An applicant pays $1,100 in rent, a car loan payment of $450 with three months remaining, and has two credit cards both with a $110 minimum monthly payment. If his annual salary is $55,000 and the proposed PITI is $1,515, what is his total back-end DTI?
20 out of 30
21.
A first mortgage balance is $135,776. There is a $50,000 HELOC in a subordinate lien position with $0.00 owed. The TLTV is 68%. What is the house's value?
21 out of 30
22.
Don is refinancing his home in order to save money. If the loan goes through, his payment will drop from $2,000 per month (PITI), to $1,500 per month (PITI). Don’s gross income each month is $6,800, but he has a $300 car payment, a $150 credit card payment, and monthly alimony payments of $1,300. What is Don’s housing ratio on the proposed loan?
22 out of 30
23.
If a borrower's gross annual income is $52,000, what is the maximum housing expense recommended to qualify for an FHA loan?
23 out of 30
24.
If a construction worker earns $3,800 monthly, what is his weekly income?
24 out of 30
25.
A property is valued at $342,000. There is a first and second mortgage with an 85% CLTV. The second mortgage has an 8% LTV. What is the approximate amount of the first mortgage?
25 out of 30
26.
A borrower is applying for a refinance loan amount of $255,000. He currently has a second-position HEQ for $23,750 which he intends to retain and subordinate. His property was appraised at $625,000. What is the HEQ’s LTV?
26 out of 30
27.
If 1.75 lender origination points are quoted on a $237,000 loan, what is the cost of those origination points to the borrower?
27 out of 30
28.
Sue Johnson is a receptionist for a construction company. She receives bi-weekly pay in the amount of $1,153.85. What is her monthly qualifying income?
28 out of 30
29.
A borrower has applied for a refinance on her property valued at $235,000 . She currently has a HELOC with a $47,000 limit on which she owes $25,850. The borrower has applied for a first mortgage of $164,500. Which of the following LTV, CLTV and TLTV scenarios is accurate based on this information?
29 out of 30
30.
The gross monthly income calculation is critical for all debt-to-income ratio calculations. What is a borrower's gross monthly income if she earns $45 per hour for 36 hours per week on average?
30 out of 30
