Related Article Title: USDA and Multi-Unit Properties Question: Will USDA allow a Two-Unit property if the borrower lives in one of the units? Answer: Unfortunately, no. One-unit properties are all they will allow. [Article Published in Question & Answer Issue – June 25, 2020] Copyright © 2020 – Mortgage Currentcy – All Rights Reserved
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Related Article Title: Future Retirement Income from Active Duty Retirement Question: Will VA allow future retirement income when someone is retiring from active duty? Their retirement is set for 10 months after the note date and he will work until that date. MC – Expected Income Chart – All Agencies Answer: VA would allow the […]
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Related Article Title: Calculating the Student Loan Payment When Interest Rates Are Temporarily Reduced Question: My client’s student loan is deferred with a $0 payment. I requested a letter from the student loan carrier regarding the amortized payment and it came back with 0% interest due because of the virus. Will FHA accept that temporary […]
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Related Article Title: Documents Needed for an FHA Streamline Question: What are the income and asset document requirements for an FHA Streamline? MC – FHA Streamline Worksheet Answer: If you are doing a non-credit qualifying streamline refinance, then income and asset documentation is not required. If you are doing a credit qualifying streamline refinance, then income […]
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Related Article Title: Purchasing or Refinancing with a Loan in Deferment Question: When can a client purchase or refinance if their loan is in forbearance? Answer: Following are the requirements for forbearance. There are two possibilities here : Under the agencies’ temporary eligibility guidelines, homeowners who missed payments and entered into a loss mitigation solution– […]
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