Xinnix Ground School Exam 2026
Questions and Answers 100% Pass
Guaranteed
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
©COPYRIGHT 2025, ALL RIGHTS RESERVE 1
,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
©COPYRIGHT 2025, ALL RIGHTS RESERVE 2
, 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
©COPYRIGHT 2025, ALL RIGHTS RESERVE 3
Questions and Answers 100% Pass
Guaranteed
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
©COPYRIGHT 2025, ALL RIGHTS RESERVE 1
,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
©COPYRIGHT 2025, ALL RIGHTS RESERVE 2
, 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
©COPYRIGHT 2025, ALL RIGHTS RESERVE 3
