Related Article Title: 30-Day Accounts – Payment or Reserves – What Is Required? Question: Our client has an open 30-day account. The credit report has a monthly payment associated with that account. DU is requiring reserves, and when I search the Fannie Mae guidelines, I get two different answers about how to treat this debt […]
A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.
Related Article Title: Financing a Single-Family Home That Has Been Moved Question: Do Conventional guidelines allow financing on a single-family home that has been relocated to a new lot? Answer: Fannie and Freddie have no restrictions for an SFR (stick-built) home being moved/relocated, but your appraiser should be informed so that they can make appropriate […]
A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.
Related Article Title: Actual Rental Income vs. Appraiser’s Current Market Rent Question: My client is refinancing a 2-unit home and occupies one unit. His Schedule E shows $3,600 in monthly rental income, but the appraiser indicated current market rent as $2,500. Which rental amount do I use, the real rent or the current market rent […]
A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.
Related Article Title: Bankruptcy Guidelines and New Closing Date Question: Our client’s credit report shows a discharge date for a Chapter 13 in June of 2019. They would like to close in June of 2021. Since the contract requires a closing in the month of June, will this file need to be downgraded to a […]
A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.
Related Article Title: Financing Manufactured Homes Over 12 Months from Manufacture Date Question: We keep getting a “refer” from GUS for a manufactured home that has never been lived in, but has been vacant for a while. Is there a rule about the age of the property even when it has never been occupied? Answer: […]
A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.
