Written by: Tracey Rumsey, Staff Writer Those of you that work with VA loans need to be aware of upcoming changes that will impact your business. Rule Synopsis: VA is transitioning from VIP to the LGY Hub portal. LGY Hub offers Veterans and other stakeholders an enhanced two-factor authentication service through AccessVA. AccessVA will centralize, [...]
Question: The credit report shows a charge-off, but we have an approve/eligible through DU. What do we need to do with the charge-off? Answer: A charge off is not considered an active debt, even though that previous data is still showing in the account detail on the credit report. The creditor is now reporting the [...]
Related Article Title: Gift Funds as Reserves Question: Does any program allow gift funds to be used for required reserves? Answers: Both Fannie Mae and Freddie Mac allow gift funds to be used as reserves. VA does not allow gift funds to be used as reserves. FHA will allow gift funds to be used as [...]
Question: Does any program allow gift funds to be used for required reserves? Answers: Both Fannie Mae and Freddie Mac allow gift funds to be used as reserves. VA does not allow gift funds to be used as reserves. FHA will allow gift funds to be used as reserves but ONLY if the loan is [...]
Question: On a VA loan for a property in Texas, is the Veteran allowed to pay for the termite inspection that is required? Allowable State Fees and Charges – VA Answer: VA maintains a ‘special fee deviation’ for each state. In this list you’ll see that TX has a fee deviation that does allow the [...]