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Xinnix Ground School Questions and Correct Answers the Latest Update and Recommended Version
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Xinnix Ground School Questions and Correct Answers the Latest Update and Recommended Version
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TestTrackers: Unlock Your Exam Potential! | Quality Practice Materials | Boost Your Confidence Today!Xinnix Ground School Questions and
Correct Answers the Latest Update and
Recommended Version
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 requesting a jumbo loan will qualify for an agency loan
✓ False
Trailing spouse income can be used for qualifying purposes.
✓ False
The following are types of renovation mortgages
✓ FNMA Homestyle and FHA 203(K)
The maximum LTV for a 1-unit investment property is 95%
✓ False
A simultaneous second mortgage is obtained at the same time as a first mortgage.
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✓ True
The builder must provide an appraisal certificate to the mortgage company on a FHA new
construction loan prior to closing.
✓ False
HOA dues are included in the PITI calculation
✓ False
A room addition is allowed under the FHA 203(K) limited programs.
✓ False
Loans with an LTV higher than 80% generally require mortgage insurance.
✓ True
Tenancy in Common is not an acceptable manner in which title may be held.
✓ 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
✓ True
If a borrower qualifies for an agency loan of $295,750, FHA is a viable loan option.
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✓ 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______
✓ 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.
✓ 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
✓ False
A HUD Consultant would not be required for an FHA 203(k) standard program
✓ False
A partner's percentage of ownership and earnings can be located on Schedule E part 2 of
their personal tax returns
✓ False
VA sets their own maximum loan limits.
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