Xinnix Flight School Study Cards Questions with correct 2023

Xinnix Flight School Study Cards Questions with correct 2023 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 Verification of employment, income, source of funds and payment history must not be older than __________ days prior to the note rate. 120 days T or F - Childcare is considered an expense when calculating ratios on a VA Loan. True A LO can NOT apply Premium pricing for which of the following? ? In a divorce Buyout, the occupant borrower is allowed to receive up to_________? No cash back to occupant borrower The Maximum LTV for a 1-unit investment Property is? (FHLMC) 85% A Borrower is required to put how much down of their funds when purchasing a second home? 5% DO capital gain losses need to factored into the borrower's qualifying income? No How long does a consumer have to shop for a mortgage without the credit inquiries affecting their score? 30 Days What Income would allow for higher ratios, assuming a manually underwritten loan? Taxable Income?????? The application fee on a VA loan must be listed as an application fee on the LE? False Which program would allow you to use Interest Only; HomeOne or Home Possible? Neither FHLMC defines a large deposit as any single deposit that exceeds what percentage of the borrower's total monthly qualifying income? 50% What is the max seller contribution for an FHA purchase? 6% of sales contract/price Under the HomeOne and Home Possible, what % of a borrower's income can come from renting a room in their house? 30% What is the standard MI coverage for a USDA Loan? There is no MI on a USDA Loan Redisclosure of the TIL is required if the APR changes more than ______ % (Fixed Rate Loans) .125% Tax returns are required from self-employed borrowers that have more than ____% percentage ownership in a company? 25% What are the max allowable ratios for an owner occupant with a non occupant co-borrower? 43% Condo HOA fees are included in the monthly housing ratio when qualifying a borrower? Yes Can unemployment income be counted as qualifying income? Yes The purpose of this act, implemented by Reg Z, is to provide consumers with a greater understanding of the actual cost of credit TIL Act T or F - Generally, a line item adjustment on the comparable sale should be no more than 10%? True T or F - A reverse Mortgage appraisal must conform to VA Guidelines? False What are the 3 approaches used by an appraiser when determining the appraised value for a property? Sales Comparison Approach Cost Approach Income Approach T or F - Increase in unemployment rates is preferred by the bond market? True What is the max LTV for a second home sold to FNMA or FHLMC? 90% What is the maximum seller contributions for a VA loan? 4% concessions plus reasonable closing cost and reasonable discount points If using signed leases to substantiate gross rents, what % of the gross rent can be used when calculating net rental income? 75% 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 T or F - Most lenders offering second mortgages utilize private investors that have more restrictive guidelines than agency loans. Therefore, your AUS findings will not always be valid for both loans True T or F - Subordinate financing is permitted with a seller second up to 100% CLTV False