XINNIX GROUND SCHOOL FINAL EXAM LATEST ALL 100
REAL EXAM QUESTIONS AND CORRECT ANSWERS
(VERIFIED ANSWERS) LATEST UPDATES | ALREADY
GRADED A+ (NEW!!)
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. - ANSWER: False
YTD paystubs will be requires from a borrower that is self-employed (schedule C) -
ANSWER: False
A borrower requesting a jumbo loan will qualify for an agency loan - ANSWER: False
Trailing spouse income can be used for qualifying purposes. - ANSWER: False
The following are types of renovation mortgages - ANSWER: FNMA Homestyle and
FHA 203(K)
The maximum LTV for a 1-unit investment property is 95% - ANSWER: False
A simultaneous second mortgage is obtained at the same time as a first mortgage. -
ANSWER: True
The builder must provide an appraisal certificate to the mortgage company on a FHA
new construction loan prior to closing. - ANSWER: False
HOA dues are included in the PITI calculation - ANSWER: False
A room addition is allowed under the FHA 203(K) limited programs. - ANSWER: False
Loans with an LTV higher than 80% generally require mortgage insurance. - ANSWER:
True
Tenancy in Common is not an acceptable manner in which title may be held. -
ANSWER: 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 - ANSWER: True
If a borrower qualifies for an agency loan of $295,750, FHA is a viable loan option. -
ANSWER: 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______ - ANSWER: 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. - ANSWER: 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 - ANSWER: False
A HUD Consultant would not be required for an FHA 203(k) standard program -
ANSWER: False
A partner's percentage of ownership and earnings can be located on Schedule E part
2 of their personal tax returns - ANSWER: False
VA sets their own maximum loan limits. - ANSWER: False
The maximum allowable ratios for an owner-occupant when using a non-occupant
co-borrower per FHLMC guidlines is ________. - ANSWER: 35/43
Reimbursed business expenses are ________________ ___________ the borrowers
gross income. - ANSWER: Added to
Unreimbursed business expenses ___________ the borrower's income - ANSWER:
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. -
ANSWER: False
Income or losses derived from partnerships can be located on Schedule K-1 of a
borrower's personal tax return. - ANSWER: 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 - ANSWER: False
A liability not listed on the credit report will typically need to be included on the loan
application. - ANSWER: 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) - ANSWER: $197,750 (Hint: type in what you
know)
Based on the following scenario, what is the borrower's qualifying ratios under
FHLMC guidelines?
REAL EXAM QUESTIONS AND CORRECT ANSWERS
(VERIFIED ANSWERS) LATEST UPDATES | ALREADY
GRADED A+ (NEW!!)
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. - ANSWER: False
YTD paystubs will be requires from a borrower that is self-employed (schedule C) -
ANSWER: False
A borrower requesting a jumbo loan will qualify for an agency loan - ANSWER: False
Trailing spouse income can be used for qualifying purposes. - ANSWER: False
The following are types of renovation mortgages - ANSWER: FNMA Homestyle and
FHA 203(K)
The maximum LTV for a 1-unit investment property is 95% - ANSWER: False
A simultaneous second mortgage is obtained at the same time as a first mortgage. -
ANSWER: True
The builder must provide an appraisal certificate to the mortgage company on a FHA
new construction loan prior to closing. - ANSWER: False
HOA dues are included in the PITI calculation - ANSWER: False
A room addition is allowed under the FHA 203(K) limited programs. - ANSWER: False
Loans with an LTV higher than 80% generally require mortgage insurance. - ANSWER:
True
Tenancy in Common is not an acceptable manner in which title may be held. -
ANSWER: 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 - ANSWER: True
If a borrower qualifies for an agency loan of $295,750, FHA is a viable loan option. -
ANSWER: 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______ - ANSWER: 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. - ANSWER: 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 - ANSWER: False
A HUD Consultant would not be required for an FHA 203(k) standard program -
ANSWER: False
A partner's percentage of ownership and earnings can be located on Schedule E part
2 of their personal tax returns - ANSWER: False
VA sets their own maximum loan limits. - ANSWER: False
The maximum allowable ratios for an owner-occupant when using a non-occupant
co-borrower per FHLMC guidlines is ________. - ANSWER: 35/43
Reimbursed business expenses are ________________ ___________ the borrowers
gross income. - ANSWER: Added to
Unreimbursed business expenses ___________ the borrower's income - ANSWER:
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. -
ANSWER: False
Income or losses derived from partnerships can be located on Schedule K-1 of a
borrower's personal tax return. - ANSWER: 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 - ANSWER: False
A liability not listed on the credit report will typically need to be included on the loan
application. - ANSWER: 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) - ANSWER: $197,750 (Hint: type in what you
know)
Based on the following scenario, what is the borrower's qualifying ratios under
FHLMC guidelines?
