Xinnix Flight School Study Guide 2022 with complete
solution
T or F - You are required to disclose why a loan was declined, if applicable, to the
lender you are transferring a loan package to for all FHA and VA Loans
True
What following repairs are allowed under the FHA 203(K) Standard Program
- Those allowed by 203(K) limited
- converting a 1-family to a 2, 3, 4 family structure.
- decreasing an existing multi unit structure to a one to four family structure
- Reconstructing a structure that has been or will be demolished, provided the complete
existing foundation system is not affected and will still be used
- making structural alterations including additions
- adding a garage
- landscaping
Ineligible
- Pool
- gazebos
- tennis courts
- spas
- commercial use construction
- Any repairs that displace the family for longer than 15 days
FNMA and FHLMC require a waiting period of what time after a Chapter 7 Bankruptcy
discharged
4 years
T or F - Since FNMA and FHLMC have such similar guidelines for loan programs, there
is no problem with FNMA accepting any LPA findings on these loans.
False
What are the ratio requirements for HomePossible without Manual Underwriting?
Decided by LPA
T or F - A borrower may have more than one FHS loan at the same time.
True
How long does a consumer have to shop for a mortgage without the credit inquiries
affecting their score
30 days
T or F - Subordinate financing is permitted with a seller second up to 100% CLTV
False
T or F - The max allowable ratios for an owner occupant co-borrower is 28/36
False
How many months of reserves are required on an FHA single family?
0 Months
When there are unexpected problems on a file, stay __________!
Calm
solution
T or F - You are required to disclose why a loan was declined, if applicable, to the
lender you are transferring a loan package to for all FHA and VA Loans
True
What following repairs are allowed under the FHA 203(K) Standard Program
- Those allowed by 203(K) limited
- converting a 1-family to a 2, 3, 4 family structure.
- decreasing an existing multi unit structure to a one to four family structure
- Reconstructing a structure that has been or will be demolished, provided the complete
existing foundation system is not affected and will still be used
- making structural alterations including additions
- adding a garage
- landscaping
Ineligible
- Pool
- gazebos
- tennis courts
- spas
- commercial use construction
- Any repairs that displace the family for longer than 15 days
FNMA and FHLMC require a waiting period of what time after a Chapter 7 Bankruptcy
discharged
4 years
T or F - Since FNMA and FHLMC have such similar guidelines for loan programs, there
is no problem with FNMA accepting any LPA findings on these loans.
False
What are the ratio requirements for HomePossible without Manual Underwriting?
Decided by LPA
T or F - A borrower may have more than one FHS loan at the same time.
True
How long does a consumer have to shop for a mortgage without the credit inquiries
affecting their score
30 days
T or F - Subordinate financing is permitted with a seller second up to 100% CLTV
False
T or F - The max allowable ratios for an owner occupant co-borrower is 28/36
False
How many months of reserves are required on an FHA single family?
0 Months
When there are unexpected problems on a file, stay __________!
Calm
