Question: Is there a maximum allowable dollar amount that Fannie Mae will allow to be held for deferred maintenance items? The seller is unwilling to make these repairs prior to closing. – MTP™ Escrow Repairs & Completion Answer: Neither agency limits you for an existing property (they do on new construction) on a dollar amount, […]
A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.
Question: Do either Fannie Mae or Freddie Mac allow escrow waivers when a property is in a flood zone, or is it mandatory to escrow? Flood Insurance Requirements – All Agency Chart Answer: Escrow waiver policies for Fannie Mae and Freddie Mac are outlined below in the Reference section. I see nothing here that makes […]
A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.
Question: My client is a semi-professional gambler with a 10-year history of income. His 1040 shows “gambling winnings” on line 21 “other income”. Do I average the two years to get a monthly income, and more importantly will underwriting or Fannie Mae accept this as income? Answer: This is a great question! Technically, the answer […]
A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.
Question: My client has income from their 401k. Each year this is a different amount based on their needs. How would I count this type of income for an FHA loan? Mortgage Income Analyzer™ – Retirement Account Withdraws Answer: A two-year average may be acceptable for the 401k distributions, if this income type is going […]
A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.
Question: My Veteran client is currently stationed in the States and will be stationed in a foreign country for a few months prior to returning to the states. He would like to purchase a home to occupy when he returns home in a few months. Will VA allow this? Answer: VA allows occupancy to be […]
A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.