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Xinnix Ground School | 145 Questions with 100% CORRECT ANSWER s
Question 1: Flipping is a scheme where several people each
purchase a property within the neighborhood and then sell the properties to one another, inflating the price of the home with each sale.
CORRECT ANSWER : False
Question 2: YTD paystubs will be requires from a borrower that
is self-employed (schedule C)
CORRECT ANSWER : False
Question 3: A borrower requesting a jumbo loan will qualify for
an agency loan
CORRECT ANSWER : False
Question 4: Trailing spouse income can be used for qualifying
purposes.
CORRECT ANSWER : False
Question 5: The following are types of renovation mortgages
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CORRECT ANSWER : FNMA Homestyle and FHA 203(K)
Question 6: The maximum LTV for a 1-unit investment property
is 95%
CORRECT ANSWER : False
Question 7: A simultaneous second mortgage is obtained at the
same time as a first mortgage.
CORRECT ANSWER : True
Question 8: The builder must provide an appraisal certificate to
the mortgage company on a FHA new construction loan prior to closing.
CORRECT ANSWER : False
Question 9: HOA dues are included in the PITI calculation
CORRECT ANSWER : False
Question 10: A room addition is allowed under the FHA 203(K)
limited programs.
CORRECT ANSWER : False
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Question 11: Loans with an LTV higher than 80% generally
require mortgage insurance.
CORRECT ANSWER : True
Question 12: Tenancy in Common is not an acceptable manner
in which title may be held.
CORRECT ANSWER : False
Question 13: FHA guidelines require 3 years to have passed
since a foreclosure, deed in lieu, or short sale before a borrower may apply for an FHA loan
CORRECT ANSWER : True
Question 14: If a borrower qualifies for an agency loan of
$295,750, FHA is a viable loan option.
CORRECT ANSWER : True
Question 15: A borrower's brother would like to give her money
to help towards the down payment of her new house. This would be considered______
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CORRECT ANSWER : A gift from a relative and would require
a gift letter, as well as proof that the funds have been transferred to the borrower's account.
Question 16: Depreciation should be added to a borrower's
income who owns several investment properties.
CORRECT ANSWER : True
Question 17: Unless a borrower can document extenuating
circumstances, they must wait at least 7 years from a Chapter 7 bankruptcy or foreclosure to apply for conventional financing
CORRECT ANSWER : False
Question 18: A HUD Consultant would not be required for an
FHA 203(k) standard program
CORRECT ANSWER: False
Question 19: A partner's percentage of ownership and earnings
can be located on Schedule E part 2 of their personal tax returns