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If you used USDA financing to buy your current home, you will need to sell that home in order to use USDA financing on your new home!

If you used USDA financing to buy your current home, you will need to sell that home in order to use USDA financing on your new home!

Related Article Title: Will USDA Allow Financing on More Than One Residence? Question: My client presently owns a manufactured home, and the loan is more than the property can be sold for.  They would like to buy another home using USDA financing and keep this home until it can be sold for at least what […]

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Did You Know that there are certain types of monthly debt that lenders do not count against you when considering your ability to buy a home? Just comment below and I will send over a Fact Sheet.

Did You Know that there are certain types of monthly debt that lenders do not count against you when considering your ability to buy a home? Just comment below and I will send over a Fact Sheet.

Related Article Title: Utilities Being Counted from Credit Report Question: My client’s credit report is reporting utilities, and our investor is requiring that we count those in the DTI.  I didn’t think that utilities counted, did I miss a guideline update? NEW MTP™ Credit Reports – Debt Obligations That Are NOT Counted as Debt – […]

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What the Heck is Happening to Self Employed Homeowners or Homeowners to Be? Some of you may have noticed that lenders are getting tough on self-employed income due to the economic uncertainty tied to COVID.  Some business sectors are doing great and others are hit hard.  If you are self-employed and considering a refinance or a move, let’s talk first!

What the Heck is Happening to Self Employed Homeowners or Homeowners to Be? Some of you may have noticed that lenders are getting tough on self-employed income due to the economic uncertainty tied to COVID.  Some business sectors are doing great and others are hit hard.  If you are self-employed and considering a refinance or a move, let’s talk first!

Related Article Title: Documenting Income from Sole Proprietor to LLC Question: My client was a sole proprietor for the last 5 years.  In January of 2020 he formed an LLC.  How do I document his income? Answer: At a minimum, he would at least need one-year returns showing the transition. So, you would need at […]

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Have you ever heard of an “Non-Arm’s Length Transaction” in real estate? In most real estate transactions, a buyer and seller work the best deal they can for themselves. However, sometimes one of the parties has more power than the other, such as an employer selling to an employee, or a family member to family member.  When this happens, the lender may have rules.  If this sounds like your situation, let’s talk first!

Have you ever heard of an “Non-Arm’s Length Transaction” in real estate? In most real estate transactions, a buyer and seller work the best deal they can for themselves. However, sometimes one of the parties has more power than the other, such as an employer selling to an employee, or a family member to family member.  When this happens, the lender may have rules.  If this sounds like your situation, let’s talk first!

Related Article Title: Family Status and Non-Arm’s Length Transactions Question: Is a first cousin selling to their first cousin considered a non-arm’s length transaction? Answer: Yes, that would be a reasonable conclusion. The familial relationship is not always the sole indicator of a non-arm’s-length transaction as it could be between an employer/employee (think builder situation) […]

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Will home finance lenders allow legal/permitted “grow rooms” for marijuana? Unfortunately, because federal law still considers marijuana illegal, the normal federal outlets for home financing will not allow legal grow rooms.  However, they will allow W2 income from the cannabis industry.  If you are in the cannabis industry, let’s discuss your home financing options before you start looking for a home.

Will home finance lenders allow legal/permitted “grow rooms” for marijuana? Unfortunately, because federal law still considers marijuana illegal, the normal federal outlets for home financing will not allow legal grow rooms.  However, they will allow W2 income from the cannabis industry.  If you are in the cannabis industry, let’s discuss your home financing options before you start looking for a home.

Related Article Title: Legal Marijuana Grow Room Reported on Appraisal Question: My client’s property is in California and they have converted a bedroom into a marijuana grow room. The appraisal states that there is a permit, and that income is not being derived from this.  Will Fannie Mae or Freddie Mac accept this? Answer: I […]

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