XINNIX GROUND SCHOOL ACTUAL EXAM
SCRIPT 2026 QUESTIONS WITH COMPLETE
SOLUTIONS VERIFIED GRADED A+
⩥ 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
SCRIPT 2026 QUESTIONS WITH COMPLETE
SOLUTIONS VERIFIED GRADED A+
⩥ 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
