XINNIX FLIGHT SCHOOL EXAM QUESTIONS WITH CORRECT 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 CORRECT ANSWER True What following repairs are allowed under the FHA 203(K) Standard Program CORRECT 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 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 CORRECT 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. CORRECT ANSWER False What are the ratio requirements for Home Possible without Manual Underwriting? CORRECT ANSWER Decided by LPA T or F - A borrower may have more than one FHS loan at the same time. CORRECT ANSWER True How long does a consumer have to shop for a mortgage without the credit inquiries affecting their score CORRECT ANSWER 30 days T or F - Subordinate financing is permitted with a seller second up to 100% CLTV CORRECT ANSWER False