Issue: Q&A – April 25, 2017

USDA – Upfront and Annual Fee History: Do you have a chart showing the upfront and annual fees charged by the USDA over the last several years? 

[Download Checklist, USDA History of Guarantee Fees from 2011 to October 1, 2016] Answer: Yes, here’s the reference chart – USDA History of Guarantee Fees from 2011 to October 1, 2016. Copyright – 2017 – MortgageCurrentcy.com  

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USDA – Derogatory Credit: Do you have a derogatory credit reference chart that covers all the underwriting rules for USDA loans? 

[Download Checklist, Agency Comparison – Derogatory Credit Wait Periods] Answer: There are life events that cause a temporary disruption of your credit history. Don’t let one issue stop you from buying a home! Yes, we have a new chart which is attached here for your convenience. Reference: Agency Comparison – Derogatory Credit Wait Periods Copyright – 2017 […]

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FHA – New Construction – Buyer Owned Land: Is there a worksheet for an FHA buyer that wants to build a home on the land they own?

Answer: FHA does not provide a worksheet for this calculation, only the guidelines for the calculation. Lenders create their own worksheet. If your company does not have its own worksheet and you know who your secondary market investor is, you can reach out to them for a copy of their worksheet if they have one. […]

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FHA – Cash Back from Seller Concession: Can the borrower receive cash back on an FHA purchase when the seller concession exceeds the borrower costs? This is a Clarification from Last Month’s Q&A.

Answer: FHA loans with excess seller credit can only be applied to certain fees. Call me for details! FHA seller concessions cannot be used as cash back to the borrower except when being applied towards a closing cost that was paid outside of closing, and documented as paid with the borrower’s own funds. If the […]

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FHA – Road Maintenance Agreements: Does FHA require a recorded road maintenance agreement for non-public roads not maintained by the HOA? 

[Download Chart, Private Road/Shared Driveway Agreements – Updated 4-25-2017] Answer: If the only access to a home is a non-public road, call me for the details on what is and is not acceptable to lenders. FHA requires that a home have safe and adequate access from EITHER a public street or a private street that is […]

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