Category: All Agency

If you are purchasing a property from someone that you have a professional or personal relationship with, you may run into a home financing restrictions.  These are called “Identity of Interest” or “Non-Arm’s Lengths” Transactions.  Let’s talk first so that you can properly structure your new home loan!

If you are purchasing a property from someone that you have a professional or personal relationship with, you may run into a home financing restrictions.  These are called “Identity of Interest” or “Non-Arm’s Lengths” Transactions.  Let’s talk first so that you can properly structure your new home loan!

Related Article Title: Identity of Interest – Buying Another Property Owned by the Present Landlord Question: If a tenant is purchasing another property owned by their landlord, would it still be considered an Identity of Interest transaction and be subject to the 85% LTV restriction? NEW Chart – Identity of Interest – Non-Arm’s Length Transactions […]

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If you are planning to rent out the home you presently live in when you purchase your new home, let’s chat first.  Home financing guidelines vary for issues such as the amount of rent that can be used as income, or to offset your present mortgage payment.  A quick conversation will help you plan the right loan for your new home!

If you are planning to rent out the home you presently live in when you purchase your new home, let’s chat first.  Home financing guidelines vary for issues such as the amount of rent that can be used as income, or to offset your present mortgage payment.  A quick conversation will help you plan the right loan for your new home!

Related Article Title: Required Length of Lease on a Departing Residence Rental Question: When a client is converting his departure residence into a rental and using income to help offset the existing mortgage, can he provide a 6-month lease, or must it be a 12-month lease?  Updated – Rental Income Chart – All Agency Comparison […]

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Required Length of Lease on a Departing Residence Rental

Question: When a client is converting his departure residence into a rental and using income to help offset the existing mortgage, can he provide a 6-month lease, or must it be a 12-month lease?  Updated – Rental Income Chart – All Agency Comparison All Agency Answers: Fannie Mae & Freddie Mac Answer: Fannie Mae doesn’t […]

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Diplomatic Status & Home Financing

Question: My client’s Visa status is A2, which is a Diplomat.  Will the agencies accept this status for financing? Answer: While that is an acceptable status for financing, you will need to make sure that your client does not have diplomatic immunity, as lenders will generally not take a client without waiving their immunity. This […]

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Do All Borrowers Need a Credit Score to Buy a Home? The answer is “No”!  There are many ways to demonstrate your credit payment history.  For instance, your utility bills, rent, cell phone bill and even streaming services can be used to demonstrate credit history.  Bottom line – Don’t let the lack of a credit score stop you from buying your dream home.  Let’s talk and plan your road to homeownership!

Do All Borrowers Need a Credit Score to Buy a Home? The answer is “No”!  There are many ways to demonstrate your credit payment history.  For instance, your utility bills, rent, cell phone bill and even streaming services can be used to demonstrate credit history.  Bottom line – Don’t let the lack of a credit score stop you from buying your dream home.  Let’s talk and plan your road to homeownership!

Related Article Title: One Borrower with No Credit Score Question: One of my borrowers does not have a credit score, yet we are receiving an approve eligible in DU. Are we able to have a borrower with no score? MC Chart – Non-Traditional Credit Guidelines – All Agency Comparison Answer: Fannie and Freddie do not […]

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