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 Correct Answer: True
What following repairs are allowed under the FHA 203(K) Standard Program Correct Answer: - Those allowed by 203(K) li...
Xinnix Flight School Study Cards
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 Correct Answer: True
What following repairs are allowed under the FHA 203(K) Standard Program Correct Answer: -
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 Correct Answer: 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. Correct Answer: False
What are the ratio requirements for HomePossible without Manual Underwriting? Correct
Answer: Decided by LPA
T or F - A borrower may have more than one FHS loan at the same time. Correct Answer: True
How long does a consumer have to shop for a mortgage without the credit inquiries affecting
their score Correct Answer: 30 days
T or F - Subordinate financing is permitted with a seller second up to 100% CLTV Correct
Answer: False
T or F - The max allowable ratios for an owner occupant co-borrower is 28/36 Correct Answer:
False
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