Xinnix Ground School Exam
Questions with answers 2024
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
-A room addition is allowed under the FHA 203(K) limited programs. - -False
-Loans with an LTV higher than 80% generally require mortgage insurance. -
-True
-Tenancy in Common is not an acceptable manner in which title may be
held. - -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 - -True
-If a borrower qualifies for an agency loan of $295,750, FHA is a viable loan
option. - -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______ - -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. - -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 - -False
-A HUD Consultant would not be required for an FHA 203(k) standard
program - -False
-A partner's percentage of ownership and earnings can be located on
Schedule E part 2 of their personal tax returns - -False
-VA sets their own maximum loan limits. - -False
-The maximum allowable ratios for an owner-occupant when using a non-
occupant co-borrower per FHLMC guidlines is ________. - -35/43
-Reimbursed business expenses are ________________ ___________ the
borrowers gross income. - -Added to
-Unreimbursed business expenses ___________ the borrower's income - -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. - -False
-Income or losses derived from partnerships can be located on Schedule K-1
of a borrower's personal tax return. - -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 - -False
-A liability not listed on the credit report will typically need to be included on
the loan application. - -True
-The borrower does not want their P&I payments to go above $1,250 per
month on a 30-year term. With an interest rate of 6.5 what is the maximum
loan amount for this borrower? (Round to the nearest 50) - -$197,750 (Hint:
type in what you know)
Questions with answers 2024
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
-A room addition is allowed under the FHA 203(K) limited programs. - -False
-Loans with an LTV higher than 80% generally require mortgage insurance. -
-True
-Tenancy in Common is not an acceptable manner in which title may be
held. - -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 - -True
-If a borrower qualifies for an agency loan of $295,750, FHA is a viable loan
option. - -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______ - -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. - -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 - -False
-A HUD Consultant would not be required for an FHA 203(k) standard
program - -False
-A partner's percentage of ownership and earnings can be located on
Schedule E part 2 of their personal tax returns - -False
-VA sets their own maximum loan limits. - -False
-The maximum allowable ratios for an owner-occupant when using a non-
occupant co-borrower per FHLMC guidlines is ________. - -35/43
-Reimbursed business expenses are ________________ ___________ the
borrowers gross income. - -Added to
-Unreimbursed business expenses ___________ the borrower's income - -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. - -False
-Income or losses derived from partnerships can be located on Schedule K-1
of a borrower's personal tax return. - -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 - -False
-A liability not listed on the credit report will typically need to be included on
the loan application. - -True
-The borrower does not want their P&I payments to go above $1,250 per
month on a 30-year term. With an interest rate of 6.5 what is the maximum
loan amount for this borrower? (Round to the nearest 50) - -$197,750 (Hint:
type in what you know)
