Related Article Title: NEW 2021 Loan Limits Released by Fannie Mae & Freddie Mac The FHFA Just Released Their New Loan Limits for 2021! Nice Increase! The Federal Housing Finance Agency (FHFA) today announced the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2021. In most of […]
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Related Article Title: Borrower Retires Prior to Closing – Future Pension Income Allowed? Question: My client retired while under contract to purchase a new home. Her pension will not be received until after the loan closing date. Can this be used as “future income”? MC – Income Analyzer – Retirement Income – MC -Income Analyzer […]
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Related Article Title: Client Co-Signed a Loan Now in Forbearance Question: Our client co-signed a home loan for her sister who is now in forbearance. Normally, I would use a 12-month payment history to offset the payment, but that is not possible. The sister has offered to bring the mortgage current, will that work? NEW MC […]
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Question: My client retired while under contract to purchase a new home. Her pension will not be received until after the loan closing date. Can this be used as “future income”? MC – Income Analyzer – Retirement Income – MC -Income Analyzer – Expected Income Answer: Unfortunately, this is not an income source that can […]
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Question: I have an investor who would like to refinance his modular home. He never divided the property yet built a second home on the same property, which does not have a mortgage. Is there a way for him to refinance the modular home? Answer: Unless the appraiser can appraise the home as a two-unit […]
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