Q&A - April 25, 2016

A brief overview of new FHA rules and how they affect your clients.

Waiving Funding Fee – Disabled Veteran: Will VA allow me to waive the VA funding fee for a disabled Veteran?

Answer: Yes. If a veteran is receiving service-related disability benefits they are exempt from the funding fee, and this should be declared on the Certificate of Eligibility. (This is a fairly new feature introduced in the last couple of years or so.) Note that disability ‘ratings’ are issued by percentages. The percentage amount of the [...]

2017-12-27T13:02:29-05:00November 3rd, 2017|

Calculation of Maximum Loan – UFMIP Refund: How do I calculate the maximum loan amount for a FHA to FHA refinance?

Answer: MortgageCurrentcy™ has a great set of up-to-date worksheets that you can download and use in the links below. They will step you through how to handle the MIP on a refinance no matter what the situation! FHA Cash-out Refinance worksheet (effective 2-1-2016) FHA Rate & Term Refinance Worksheet (effective 2-1-2016) FHA Simple Refinance Worksheet [...]

2017-12-27T13:02:30-05:00November 3rd, 2017|