XINNIX GROUND SCHOOL EXAM 2026
COMPLETE QUESTIONS AND
ANSWERS PRACTICE SOLUTION
GRADED A+
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. - ANSWERSFalse
YTD paystubs will be requires from a borrower that is self-employed (schedule C) -
ANSWERSFalse
A borrower requesting a jumbo loan will qualify for an agency loan - ANSWERSFalse
Trailing spouse income can be used for qualifying purposes. - ANSWERSFalse
The following are types of renovation mortgages - ANSWERSFNMA Homestyle and
FHA 203(K)
The maximum LTV for a 1-unit investment property is 95% - ANSWERSFalse
A simultaneous second mortgage is obtained at the same time as a first mortgage. -
ANSWERSTrue
The builder must provide an appraisal certificate to the mortgage company on a FHA
new construction loan prior to closing. - ANSWERSFalse
HOA dues are included in the PITI calculation - ANSWERSFalse
A room addition is allowed under the FHA 203(K) limited programs. - ANSWERSFalse
Loans with an LTV higher than 80% generally require mortgage insurance. -
ANSWERSTrue
Tenancy in Common is not an acceptable manner in which title may be held. -
ANSWERSFalse
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 - ANSWERSTrue
, If a borrower qualifies for an agency loan of $295,750, FHA is a viable loan option. -
ANSWERSTrue
A borrower's brother would like to give her money to help towards the down payment of
her new house. This would be considered______ - ANSWERSA 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. - ANSWERSTrue
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 -
ANSWERSFalse
A HUD Consultant would not be required for an FHA 203(k) standard program -
ANSWERSFalse
A partner's percentage of ownership and earnings can be located on Schedule E part 2
of their personal tax returns - ANSWERSFalse
VA sets their own maximum loan limits. - ANSWERSFalse
The maximum allowable ratios for an owner-occupant when using a non-occupant co-
borrower per FHLMC guidlines is ________. - ANSWERS35/43
Reimbursed business expenses are ________________ ___________ the borrowers
gross income. - ANSWERSAdded to
Unreimbursed business expenses ___________ the borrower's income - ANSWERSare
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. -
ANSWERSFalse
Income or losses derived from partnerships can be located on Schedule K-1 of a
borrower's personal tax return. - ANSWERSFalse
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 - ANSWERSFalse
A liability not listed on the credit report will typically need to be included on the loan
application. - ANSWERSTrue
COMPLETE QUESTIONS AND
ANSWERS PRACTICE SOLUTION
GRADED A+
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. - ANSWERSFalse
YTD paystubs will be requires from a borrower that is self-employed (schedule C) -
ANSWERSFalse
A borrower requesting a jumbo loan will qualify for an agency loan - ANSWERSFalse
Trailing spouse income can be used for qualifying purposes. - ANSWERSFalse
The following are types of renovation mortgages - ANSWERSFNMA Homestyle and
FHA 203(K)
The maximum LTV for a 1-unit investment property is 95% - ANSWERSFalse
A simultaneous second mortgage is obtained at the same time as a first mortgage. -
ANSWERSTrue
The builder must provide an appraisal certificate to the mortgage company on a FHA
new construction loan prior to closing. - ANSWERSFalse
HOA dues are included in the PITI calculation - ANSWERSFalse
A room addition is allowed under the FHA 203(K) limited programs. - ANSWERSFalse
Loans with an LTV higher than 80% generally require mortgage insurance. -
ANSWERSTrue
Tenancy in Common is not an acceptable manner in which title may be held. -
ANSWERSFalse
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 - ANSWERSTrue
, If a borrower qualifies for an agency loan of $295,750, FHA is a viable loan option. -
ANSWERSTrue
A borrower's brother would like to give her money to help towards the down payment of
her new house. This would be considered______ - ANSWERSA 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. - ANSWERSTrue
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 -
ANSWERSFalse
A HUD Consultant would not be required for an FHA 203(k) standard program -
ANSWERSFalse
A partner's percentage of ownership and earnings can be located on Schedule E part 2
of their personal tax returns - ANSWERSFalse
VA sets their own maximum loan limits. - ANSWERSFalse
The maximum allowable ratios for an owner-occupant when using a non-occupant co-
borrower per FHLMC guidlines is ________. - ANSWERS35/43
Reimbursed business expenses are ________________ ___________ the borrowers
gross income. - ANSWERSAdded to
Unreimbursed business expenses ___________ the borrower's income - ANSWERSare
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. -
ANSWERSFalse
Income or losses derived from partnerships can be located on Schedule K-1 of a
borrower's personal tax return. - ANSWERSFalse
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 - ANSWERSFalse
A liability not listed on the credit report will typically need to be included on the loan
application. - ANSWERSTrue
