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Documentation Needed When Renting a Departing Residence

Question: My client is moving from his owner-occupied residence and into a new home.  He is intending to rent that property.  I am getting underwriting conditions that require a signed lease, and the first month’s rent upfront at least one to two weeks prior to closing in order to use this as income.  What are […]

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Waiting Period for a Cash-Out Refinance

Question: If a property was purchased in November of 2019, when can my client close in order to get cash-out?  MC Refinance Chart – All Agency Guidance Answer: Six months from the date of recording of the purchase transaction. Reference:Fannie Mae Selling GuideB2-1.2-03 [Article Published in Question & Answer Issue – May 25, 2020] Copyright […]

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Guidelines on Disputed Accounts

Question: My client has multiple disputes on paid and closed accounts.  Do the guidelines require me to have these disputes removed?  MC Disputed Accounts Chart – All Agency Guidance  – NEW MTP™ A Consumer’s Checklist to Verify Information on Their Credit Report Answer: It is always best to run any conforming loan through DU and/or […]

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Formerly Self-Employed – Returning to Workforce – Work History Rules

Question: My client was self-employed for about 3 years and returned to work as employee in January of this year.  I have no W2, so how do I document his work history?  MC – Employment History Chart – All Agency Guidance Answer: Here are some basic principles you could expect to see (for sure you […]

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Funds to Close from a Non-Borrowing Spouse

Question: I have a married couple using FHA financing.  One spouse will be on the mortgage and both will be on the title.  However, the funds for the down payment and closing costs are coming from the non-borrowing spouse’s retirement account that he is depositing into their joint account. What are the FHA guidelines for […]

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