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. - False YTD paystubs will be requires from a borrower that is self-employed (schedule C) - False A borrower request...
xinnix ground school | 145 questions with 100 correct answers
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Xinnix Ground School | 145 Questions with 100% Correct Answers
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
YTD paystubs will be requires from a borrower that is self-employed (schedule C) Correct
Answer: False
A borrower requesting a jumbo loan will qualify for an agency loan Correct Answer: False
Trailing spouse income can be used for qualifying purposes. Correct Answer: False
The following are types of renovation mortgages Correct Answer: FNMA Homestyle and FHA
203(K)
The maximum LTV for a 1-unit investment property is 95% Correct Answer: False
A simultaneous second mortgage is obtained at the same time as a first mortgage. Correct
Answer: True
The builder must provide an appraisal certificate to the mortgage company on a FHA new
construction loan prior to closing. Correct Answer: False
HOA dues are included in the PITI calculation Correct Answer: False
A room addition is allowed under the FHA 203(K) limited programs. Correct Answer: False
Loans with an LTV higher than 80% generally require mortgage insurance. Correct Answer:
True
Tenancy in Common is not an acceptable manner in which title may be held. Correct Answer:
False
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
If a borrower qualifies for an agency loan of $295,750, FHA is a viable loan option. Correct
Answer: True
A borrower's brother would like to give her money to help towards the down payment of her new
house. This would be considered______ 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.
, Depreciation should be added to a borrower's income who owns several investment properties.
Correct Answer: True
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
A HUD Consultant would not be required for an FHA 203(k) standard program Correct Answer:
False
A partner's percentage of ownership and earnings can be located on Schedule E part 2 of their
personal tax returns Correct Answer: False
VA sets their own maximum loan limits. Correct Answer: False
The maximum allowable ratios for an owner-occupant when using a non-occupant co-borrower
per FHLMC guidlines is ________. Correct Answer: 35/43
Reimbursed business expenses are ________________ ___________ the borrowers gross
income. Correct Answer: Added to
Unreimbursed business expenses ___________ the borrower's income Correct Answer: are
subtracted from
If your borrower is being relocated and needs to close in 30-days, and their spouse will not be
moving for 3 months, the spouse's income can still be used to qualify. Correct Answer: False
Income or losses derived from partnerships can be located on Schedule K-1 of a borrower's
personal tax return. Correct Answer: False
If a borrower tell you about a liability that is not listed on the credit report, it doesn't need to be
included on the loan application Correct Answer: False
A liability not listed on the credit report will typically need to be included on the loan
application. Correct Answer: True
The borrower does not want their P&I payments to go above $1,250 per month on a 30-year
term. With an interest rate of 6.5 what is the maximum loan amount for this borrower? (Round to
the nearest 50) Correct Answer: $197,750 (Hint: type in what you know)
Based on the following scenario, what is the borrower's qualifying ratios under FHLMC
guidelines?
PITI: $3,350
Income: $8,350
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