1 | Page
Xinnix Ground School Questions and
Answers Latest 2026
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. Ans: False
YTD paystubs will be requires from a borrower that is
self-employed (schedule C) Ans: False
A borrower requesting a jumbo loan will qualify for an
agency loan Ans: False
Trailing spouse income can be used for qualifying
purposes. Ans: False
The following are types of renovation mortgages Ans:
FNMA Homestyle and FHA 203(K)
The maximum LTV for a 1-unit investment property is
95% Ans: False
A simultaneous second mortgage is obtained at the same
time as a first mortgage. Ans: True
The builder must provide an appraisal certificate to the
mortgage company on a FHA new construction loan prior
to closing. Ans: False
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, 2 | Page
HOA dues are included in the PITI calculation Ans: False
A room addition is allowed under the FHA 203(K) limited
programs. Ans: False
Loans with an LTV higher than 80% generally require
mortgage insurance. Ans: True
Tenancy in Common is not an acceptable manner in
which title may be held. Ans: 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 Ans: True
If a borrower qualifies for an agency loan of $295,750,
FHA is a viable loan option. Ans: 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______ Ans: 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. Ans: 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 Ans: False
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, 3 | Page
A HUD Consultant would not be required for an FHA
203(k) standard program Ans: False
A partner's percentage of ownership and earnings can be
located on Schedule E part 2 of their personal tax returns
Ans: False
VA sets their own maximum loan limits. Ans: False
The maximum allowable ratios for an owner-occupant
when using a non-occupant co-borrower per FHLMC
guidlines is ________. Ans: 35/43
Reimbursed business expenses are ________________
___________ the borrowers gross income. Ans: Added to
Unreimbursed business expenses ___________ the
borrower's income Ans: 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.
Ans: False
Income or losses derived from partnerships can be
located on Schedule K-1 of a borrower's personal tax
return. Ans: 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 Ans: False
© 2025 All rights reserved
Xinnix Ground School Questions and
Answers Latest 2026
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. Ans: False
YTD paystubs will be requires from a borrower that is
self-employed (schedule C) Ans: False
A borrower requesting a jumbo loan will qualify for an
agency loan Ans: False
Trailing spouse income can be used for qualifying
purposes. Ans: False
The following are types of renovation mortgages Ans:
FNMA Homestyle and FHA 203(K)
The maximum LTV for a 1-unit investment property is
95% Ans: False
A simultaneous second mortgage is obtained at the same
time as a first mortgage. Ans: True
The builder must provide an appraisal certificate to the
mortgage company on a FHA new construction loan prior
to closing. Ans: False
© 2025 All rights reserved
, 2 | Page
HOA dues are included in the PITI calculation Ans: False
A room addition is allowed under the FHA 203(K) limited
programs. Ans: False
Loans with an LTV higher than 80% generally require
mortgage insurance. Ans: True
Tenancy in Common is not an acceptable manner in
which title may be held. Ans: 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 Ans: True
If a borrower qualifies for an agency loan of $295,750,
FHA is a viable loan option. Ans: 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______ Ans: 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. Ans: 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 Ans: False
© 2025 All rights reserved
, 3 | Page
A HUD Consultant would not be required for an FHA
203(k) standard program Ans: False
A partner's percentage of ownership and earnings can be
located on Schedule E part 2 of their personal tax returns
Ans: False
VA sets their own maximum loan limits. Ans: False
The maximum allowable ratios for an owner-occupant
when using a non-occupant co-borrower per FHLMC
guidlines is ________. Ans: 35/43
Reimbursed business expenses are ________________
___________ the borrowers gross income. Ans: Added to
Unreimbursed business expenses ___________ the
borrower's income Ans: 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.
Ans: False
Income or losses derived from partnerships can be
located on Schedule K-1 of a borrower's personal tax
return. Ans: 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 Ans: False
© 2025 All rights reserved
