Issue: Q&A – August 25, 2019

FHA – Active Oil Well Near Property

Question: Does FHA offer any guidance on active oil pumps near a residential property? Answer: If the oil well is beyond the 75-foot threshold (see guideline below) the property should not have a problem with FHA unless there is some other type of hazard due to the well. The appraiser may comment on the well and […]

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FHA – Loan with UFMIP Exceeds Maximum Loan Amount

Question: If the base loan amount of the FHA loan is at or below the loan limit, can the total loan amount with the MIP financed exceed the maximum loan limit? Answer: Yes, below is the guideline that states that the financing of the UFMIP may exceed the total mortgage amount (unless otherwise stated). Reference: […]

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VA – New Refinance Rules for Buyout During Divorce

Question: Do the new VA rules for Net Tangible Benefits on a cash-out for a primary residence still apply in a divorce situation, where the veteran is buying out the ex-wife? Answer: Yes. The Net Tangible Benefit rule applies even in an equity buyout situation. VA does not offer any exceptions to the new rules. […]

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FHA – Using Foster Care Income to Qualify

Question: Can foster care income be used to qualify as income? I found something on the Internet that said it could be. Answer: The internet can be helpful but also a dangerous place as the results can be old manuals or outdated information. That’s why subscribers count on Mortgage Currentcy to keep them up to […]

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Fannie/Freddie – Using Rental Income on Exiting Property

Question: If a client wants to rent out the property they are currently living in and needs to use that income in order to qualify for their new primary residence, how is this done? Answer: When converting a current primary residence to a rental / investment property, Fannie will allow you to use the positive […]

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