Question: Can a borrower be eligible for FHA financing if they have a COVID-19 forbearance? Answer: You can do a mortgage for a borrower in forbearance with some conditions. Mortgage Letter 2020-16 outlines these conditions. Yet like all things new and untested, be prepared for investor overlays. This is definitely a situation you want to […]
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Question: Our client has 2 federal tax liens that are not satisfied. The IRS has changed the status to “unable to pay”. Will this be acceptable for VA Financing? Answer: Per the VA guideline below, your borrower would not be eligible for a VA loan because the delinquency has gone all the way to the […]
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Question: I have a veteran wanting to do VA IRRRL, but with 15 yr. term. His interest rate will be 1.375% lower, but his payment will go up. Do fee recoupment requirements apply? Your chart says if PI payment goes up, the veteran can incur no fees? Can you explain requirements to proceed on this […]
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Question: I have heard that Freddie Mac no longer has a waiting / time period from bankruptcy and foreclosure as long as the declarations are marked correctly, and you have an LP approval. However, I cannot find this anywhere in writing. I have someone with a 700+ credit score with reestablished credit but just under […]
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Question: My borrower inherited a property (along with his siblings) after his parents’ passing in 2016. The property was then transferred via a Deed in Lieu of Foreclosure in 2018 in which the borrower is listed on the deed in lieu as the grantor/executor of the estate. Since my borrower was only the grantor through […]
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