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P4-63 Quiz

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Question 1 of 9

1. Question

What must be verified for alimony or child support to be counted as stable monthly income?

A. A court order showing future payments only
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B. Proof that payments have been received for the past 12 consecutive months
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C. Proof that payments have been received for at least 6 months
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D. A written statement from the borrower
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Question 2 of 9

2. Question

Under what condition may alimony or child support received for 6 to 12 months be considered stable income?

A. When the payments are court-ordered
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B. When the income will continue for at least one year
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C. When it represents no more than 30% of the total gross qualifying income
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D. When the borrower provides canceled checks
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Question 3 of 9

3. Question

Which requirement must be met for alimony or child support income to be counted for qualifying?

A. The income must be paid weekly
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B. The income must be deposited directly by an employer
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C. The income must continue for at least 12 months
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D. The income must be documented and expected to continue for at least 3 years
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Question 4 of 9

4. Question

What is required to document income from an inheritance or trust?

A. A letter from the Executor outlining payment method, amount, and duration
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B. A copy of the will only
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C. A borrower’s written explanation
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D. A court order approving distribution
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Question 5 of 9

5. Question

For inheritance or trust income to be counted, how long must it be expected to continue?

A. At least 12 months
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B. At least 24 months
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C. At least 3 more years
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D. For the life of the loan
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Correct

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Question 6 of 9

6. Question

How long must part-time income be established to be used for qualifying?

A. 24 prior months
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B. 18 prior months
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C. 12 prior months
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D. 36 prior months
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Question 7 of 9

7. Question

When may seasonal part-time income be used to qualify a borrower?

A. When it is guaranteed year-round
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B. When it has been consistent for at least 24 months
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C. When it represents less than 25% of income
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D. Only when averaged over 12 months
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Question 8 of 9

8. Question

If a borrower has not been at their current part-time job for two years, what must be verified?

A. That the employer plans to retain the borrower
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B. That the income is guaranteed
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C. That the borrower works full-time hours
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D. That prior part-time jobs support ongoing employment in a second job
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Question 9 of 9

9. Question

How is roommate income treated for qualifying purposes?

A. It may be used as qualifying income
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B. It may be used if documented for 12 months
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C. It cannot be used to qualify but may be considered a compensating factor
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D. It may be used with a lease agreement
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