Xinnix Flight School Study Exam 2025
Questions and Answers
T or F - You are required to disclose why a loan was declined, if applicable, to the
lender you are transferring a loan package to for all FHA and VA Loans - --
Answer --True
What following repairs are allowed under the FHA 203(K) Standard Program - --
Answer --- Those allowed by 203(K) limited
- converting a 1-family to a 2, 3, 4 family structure.
- decreasing an existing multi unit structure to a one to four family structure
- Reconstructing a structure that has been or will be demolished, provided the
complete existing foundation system is not affected and will still be used
- making structural alterations including additions
- adding a garage
- landscaping
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 1
, Ineligible
- Pool
- gazebos
- tennis courts
- spas
- commercial use construction
- Any repairs that displace the family for longer than 15 days
FNMA and FHLMC require a waiting period of what time after a Chapter 7
Bankruptcy discharged - --Answer --4 years
T or F - Since FNMA and FHLMC have such similar guidelines for loan programs,
there is no problem with FNMA accepting any LPA findings on these loans. - --
Answer --False
What are the ratio requirements for HomePossible without Manual Underwriting?
- --Answer --Decided by LPA
T or F - A borrower may have more than one FHS loan at the same time. - --
Answer --True
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 2
Questions and Answers
T or F - You are required to disclose why a loan was declined, if applicable, to the
lender you are transferring a loan package to for all FHA and VA Loans - --
Answer --True
What following repairs are allowed under the FHA 203(K) Standard Program - --
Answer --- Those allowed by 203(K) limited
- converting a 1-family to a 2, 3, 4 family structure.
- decreasing an existing multi unit structure to a one to four family structure
- Reconstructing a structure that has been or will be demolished, provided the
complete existing foundation system is not affected and will still be used
- making structural alterations including additions
- adding a garage
- landscaping
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 1
, Ineligible
- Pool
- gazebos
- tennis courts
- spas
- commercial use construction
- Any repairs that displace the family for longer than 15 days
FNMA and FHLMC require a waiting period of what time after a Chapter 7
Bankruptcy discharged - --Answer --4 years
T or F - Since FNMA and FHLMC have such similar guidelines for loan programs,
there is no problem with FNMA accepting any LPA findings on these loans. - --
Answer --False
What are the ratio requirements for HomePossible without Manual Underwriting?
- --Answer --Decided by LPA
T or F - A borrower may have more than one FHS loan at the same time. - --
Answer --True
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 2
