Issue: Q&A - April 25, 2018

VA – State Fees Allowed: Does VA allow us to charge a disabled Vet a VHAP participation fee under the Texas Vet Program, or is this exempted like the Funding Fee? [NEW Reference Chart-VA Allowable State Fees & Charges]

Answer: Yes.  You are allowed to charge the VHAP fee on a Texas Vet Loan. Reference: VA has a published list of special fees that have been approved and are allowed per state.  We are adding this reference to our charts and checklists, which is posted under VA. Supporting Resource: VA Allowable State Fees & […]

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USDA – Stock Options – Reserves: Can I use employer-provided stock options for asset reserves if the borrower is not fully vested?

Answer: If the borrower is not vested then you cannot use this asset. You can only count up to 60% of the vested value. Reference: 3555 Chapter 5 Cash Reserves Although cash reserves after closing are not required for the SFHGLP, cash reserves are considered in the risk assessment provided by GUS. When disclosing the […]

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Freddie Mac – Stock Income: Can “Stock Income” that is reported on W2’s, paystub and VOE be used to qualify a borrower?

Answer: Although this is not necessarily a new ‘income’ source in the professional world, it is a relatively new income source to be considered as income for mortgage repayment within the mortgage lending industry. Fannie Mae does not speak to this type of income (restricted stock or restricted stock units) but Freddie Mac specifically allows for […]

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