Xinnix Flight School Study Cards

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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 How many months of reserves are required on an FHA single family? Correct Answer: 0 Months When there are unexpected problems on a file, stay __________! Correct Answer: Calm Verification of employment, income, source of funds and payment history must not be older than __________ days prior to the note rate. Correct Answer: 120 days

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