Issue: Q&A - February 25, 2017

(USDA) Condo Approval: When financing a condo using USDA, do you have to do a full review or is a limited review OK?

Answer: USDA condominiums only need to meet the requirements of either FHA, VA, Fannie or Freddie in order to qualify! USDA is easy on this subject. They simply require that the condominium project meet the requirements set forth by HUD/FHA, VA, Fannie Mae or Freddie Mac. The regulations specifically state the following and we have […]

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(VA) Multiple Veterans on One Loan: How does the VA handle more than one veteran on a home when they are not married?

[Download VA Handbook – Chapter on VA Joint Loans] Answer: When two veterans want to purchase a home, they can each use part of their eligibility on a VA loan. There can be more than one veteran on a loan, however unless the veterans are married, they will each have to use their own eligibility for […]

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(VA) Funding Fee – Excess Seller Credit: Can excess seller credit be applied to a portion of the VA Funding Fee?

Answer: Veterans with excess seller credits can apply that credit to their funding fee! Yes. VA allows this type of ‘split’ payment of the funding fee by financing part of it and paying part of it in cash (from the seller is okay). They do not, however, state this clearly in the VA Lenders Handbook. […]

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(FHA|VA) Disputed Accounts Rules: What are the rules for disputed accounts for FHA and VA?

[UPDATED CHART, FHA Judgment/Collections & Disputed Accounts Matrix (reviewed 2-25-2017) AND Agency Comparison – Derogatory Credit Wait Periods] Disputed accounts, judgments and collections can be confusing when obtaining mortgage financing. Call me to make it clear! Answer for VA: Disputed Accounts: Lenders may consider a veteran’s claim of bona fide or legal defenses regarding unpaid debts except […]

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(FHA) New Construction – Manufactured Home Requirements: What are FHA’s construction documentation guidelines for Manufactured Housing?

[UPDATED CHART – FHA New Construction Documentation Chart – effective 2-15-2017] Answer: Need more information on FHA New Construction? Contact me for updates! I have attached Chapter 12 of the Lenders Handbook for your reference. Section 12.10 is on the Minimum Property Requirements for Manufactured Housing. Download: FHA New Construction Documentation Requirements Matrix (updated 1-27-2017) Copyright – 2017 […]

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