When financing a second home vs. and investment property, lenders have specific criteria that they consider and these differences can affect your down payment and how you qualify for a loan. If you would like to understand these differences, comment below and I’ll send you a quick and easy reference.

Related Article Title: Fannie Mae’s Top FAQs – NEW MTP™ – What is The Difference Between a Second Home and Investment Property? Written by: Lloyd Rutherford, Staff Writer FAQs published by Fannie Mae are a great way to learn a lot in a quick period of time. Read through this latest FAQ release and pick […]

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If you would like to refinance your home, Fannie Mae has no requirement for the time a person is on the title if the refinance is simply to reduce the rate or term. However, if you want to take cash out, then borrowers must be on the title for at least 6 months, unless you qualify for an exception such as inheritance or you were legally awarded the property.

Related Article Title: Fannie Mae’s Top FAQs – NEW MTP™ – What is The Difference Between a Second Home and Investment Property? Written by: Lloyd Rutherford, Staff Writer FAQs published by Fannie Mae are a great way to learn a lot in a quick period of time. Read through this latest FAQ release and pick […]

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USDA updated their underwriting policy regarding changes in debt from the time of loan approval to loan closing. Now more than ever, it’s important that borrowers do not change their debt situation before loan closing, to prevent any delays in closing.

Related Article Title: USDA Rural Development Revises Data Tolerances Written by: David Hail, Staff Writer This is an important change to the USDA program that all USDA lenders need to read. Rule Synopsis: On October 4, 2019 USDA Rural Development issued Procedure Notice 529, which revised tolerance threshold on a borrower’s monthly debts as outlined […]

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VA has a different perspective on the time frame to occupy your new home, as compared to other home loan programs. They require that you occupy within a “reasonable time” frame, which is usually 60 days. However, they will allow for more than that under certain conditions. If this sounds like your situation, let’s talk!

Related Article Title: Relocating and VA Occupancy Rules Question: My VA client works for the government and is being transferred to another location next spring. They would like to buy a home in their new town in advance of the transfer. How far in advance of the new job starting, can they can execute that […]

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If you are refinancing a home or purchasing a home that has a Solar Panel Obligation, let’s chat first! There are some things you need to know before you sign that contract to prevent any issues.

Related Article Title: Solar Panels and HERO Loans Question: We are running into an issue with an FHA Streamline refinance because the HERO loan that is on the title for Solar Panels does not subordinate.  How does FHA handle this? Solar Panels – Chart – NEW MTP™ What Every Homeowner Needs to Know About Solar […]

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