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USDA – Income Requirements – Separated Borrowers: What are the rules for a recently separated borrower regarding income eligibility?

Answer: Following are the guidelines, but pay particular attention to the 3-month rule if you do not want to count the spouse’s income. Reference: HB-1-3555 Include the income of an applicant’s spouse, unless the spouse has been living apart from the applicant for at least three months (for reasons other than military or work assignment), […]

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Did you know that USDA has a 3-month rule? USDA income limits require that spouses must be living apart for at least 3 months in order for the other spouse’s income to be excluded from consideration. Need to know more about USDA loans? Call me first!

Related Article Title: USDA – Income Requirements – Separated Borrowers:  What are the rules for a recently separated borrower regarding income eligibility? Answer: Following are the guidelines, but pay particular attention to the 3-month rule if you do not want to count the spouse’s income. Reference: HB-1-3555 Include the income of an applicant’s spouse, unless […]

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VA Announces Revision of Lenders Handbook Chapters 1, 4 and 11, Dated March 12, 2019, Chapter 1-Effective Immediately-Chapters 4 & 11 – Effective May 23, 2019. -NEW Chart – New Chart- Comparison of Previous Chapter 4 (Credit Underwriting) Guideline vs. New Guideline

Written By: Tracey Rumsey, Staff Writer VA announced at the Lenders Conference in April of 2018 that they would be revising both Chapters 4 and 10 of the VA Lenders Handbook.  Based on the information from that conference we provided you with some charts regarding those changes.  The article from May of 2018 is linked […]

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I have access to a great chart regarding derogatory credit and mortgage rules. Comment below if you would like a copy!

FHA-Bankruptcy Discharge-New Loan:  If a property is included in a Chap 7 Discharge in 2010 will FHA use that date or the Deed Transfer Date? –NEW CHART-Derogatory Credit-ALL Agencies!  Answer: FHA does not follow the same policy as, say, Fannie Mae or USDA, regarding foreclosures on mortgages included in a bankruptcy. FHA requires a 3-year wait […]

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Fannie Mae-Appraisal and Property Related Frequently Asked Questions (FAQs) – Updated December 21, 2017, and Collateral Underwriter FAQ’s – Updated December 2017

By: Lloyd Rutherford-Staff Writer Fannie Mae has added to their FAQ document for appraisals and this month contains some goodies!  Our expert has taken the time to review the new and updated questions in this article. Rule Synopsis: Fannie Mae has published updated FAQ document for Appraisal and Property Related Questions and Collateral Underwriter Questions. […]

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