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P4-64 Quiz

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Question 1 of 9

1. Question
How is a company car allowance generally treated when determining stable monthly income?
- A. It is always counted as qualifying income
- B. It may be counted in full regardless of expenses
- C. It may be used only if the gross amount exceeds the borrower’s income needs
- D. Many lenders do not allow it, but some may allow the net amount above actual auto expenses
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Question 2 of 9

2. Question
Under what condition may additional types of military pay be used as stable income?
- A. Only base pay may be used
- B. Additional pay may be used if its future continuance can be established
- C. Only taxable portions may be used
- D. Only if paid directly by the Department of Defense
Correct

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Question 3 of 9

3. Question
How may non-taxable portions of military income be treated for qualifying purposes?
- A. They must be excluded entirely
- B. They may be reduced by 25%
- C. They may be grossed up to reflect tax savings
- D. They may only be counted at face value
Correct

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Question 4 of 9

4. Question
What must be verified to use notes receivable as qualifying income?
- A. That payments will continue for at least 12 months
- B. That the borrower expects payment to continue indefinitely
- C. That the note has already been paid for one year
- D. That payments will continue for at least 3 years and receipt has been documented for 12 months
Correct

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Question 5 of 9

5. Question
When are mortgage differential payments from an employer acceptable as income?
- A. When they are paid directly to the mortgage lender
- B. When they are verified in writing by the employer and continue for at least 3 years
- C. When they are used to offset the mortgage payment
- D. Only when the borrower requests consideration
Correct

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Question 6 of 9

6. Question
How must mortgage differential payments be applied when calculating income ratios?
- A. They must be used to offset the mortgage payment
- B. They must be excluded from qualifying income
- C. They must be added to gross income, not used to offset the payment
- D. They may be applied directly against principal
Correct

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Question 7 of 9

7. Question
Which VA benefits may be considered acceptable qualifying income?
- A. All VA benefits, including education benefits
- B. Only disability benefits
- C. VA benefits that are documented and will continue for at least 3 years, excluding education benefits
- D. Only benefits paid monthly
Correct

Incorrect
Question 8 of 9

8. Question
Under what circumstances may unemployment or welfare benefits be considered qualifying income?
- A. Only if received sporadically
- B. Only if the borrower expects to return to work
- C. When documented by the paying agency with amount, frequency, and duration stated
- D. Only if received for at least five years
Correct

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Question 9 of 9

9. Question
If unemployment benefits are a regular part of a borrower’s income, what must be established?
- A. That the benefits are temporary
- B. That the borrower plans to change professions
- C. That tax returns for the past year are available
- D. That there is a two-year history, the income is standard for the profession, and likely to continue
Correct

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