Xinnix Ground School | 145 Questions with 100% Correct Answers

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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 pays... tubs 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 [Show More]

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