Xinnix Ground School Top Forecasted Questions And 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. 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. True The builder must provide an appraisal certificate to the mortgage company on a FHA new construction loan prior to closing. Fals