Xinnix Ground School Study Guide | 145 Questions with 100% Correct Answers | Updated and Verified | 23 Pages
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. - False HOA dues are included in the PITI calculation - False
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