Related Article Title: VA – Maximum LTV for a Rate/Term Refinance When Paying off 2 Liens Question: What is the maximum LTV when a VA borrower wishes to pay off their first and second lien? VA Refinance Comparison Chart Answer: The transaction you’ve described is actually a VA Cash Out Refinance Type II. The maximum loan […]
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Related Article Title: VA- Lease Requirements on a Departing Residence to Offset House Payment Question: My client wants to buy a new home but has not sold their present home. Will VA allow a one-year lease on their departing residence to offset the payment on their present home in order to qualify for the new […]
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Related Article Title: VA – Waiving the Funding Fee on a Disabled Veteran Question: My clients are both Veterans and one is a disabled Veteran. Will VA allow me to exempt the funding fee when only one is disabled? Answer: You can use either veteran’s eligibility for the loan. Simply list the disabled spouse as […]
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Related Article Title: VA Solar Panel Requirements for Qualifying Question: What amount do you use to cover a solar panel lease agreement when the energy generated is a net credit to the homeowner? Our underwriter is stating that the borrower must qualify for the payment on the lease even though the lease payment is satisfied […]
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Related Article Title: FHA Minimum Credit Score Question: Does FHA have a minimum credit score requirement? Answer: No. The only credit-score-based limitations that FHA has (for all transactions) are below. However, it is possible that you have secondary market overlays that require a 620. Reference: 4000.1 If the Borrower’s Minimum Decision Credit Score is at […]
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