Xinnix Ground School | 145 Questions with 100% Correct Answers

Document Content and Description Below

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. [Show More]

Last updated: 1 year ago

Preview 1 out of 12 pages