Xinnix Ground School Questions and Answers 100% Verified

Xinnix Ground School Questions and Answers 100% Verified 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. - Answer ️️ -False YTD paystubs will be requires from a borrower that is self-employed (schedule C) - Answer ️️ -False A borrower requesting a jumbo loan will qualify for an agency loan - Answer ️️ -False Trailing spouse income can be used for qualifying purposes. - Answer ️️ -False The following are types of renovation mortgages - Answer ️️ -FNMA Homestyle and FHA 203(K) The maximum LTV for a 1-unit investment property is 95% - Answer ️️ -False A simultaneous second mortgage is obtained at the same time as a first mortgage. - Answer ️️ - True The builder must provide an appraisal certificate to the mortgage company on a FHA new construction loan prior to closing. - Answer ️️ -False HOA dues are included in the PITI calculation - Answer ️️ -False A room addition is allowed under the FHA 203(K) limited programs. - Answer ️️ -False Loans with an LTV higher than 80% generally require mortgage insurance. - Answer ️️ -True Tenancy in Common is not an acceptable manner in which title may be held. - 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 - Answer ️️ -True If a borrower qualifies for an agency loan of $295,750, FHA is a viable loan option. - 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______ - 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. - 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 - Answer ️️ -False A HUD Consultant would not be required for an FHA 203(k) standard program - Answer ️️ - False A partner's percentage of ownership and earnings can be located on Schedule E part 2 of their personal tax returns - Answer ️️ -False VA sets their own maximum loan limits. - Answer ️️ -Fals