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Q&A - February 25, 2018

FHA – Multiple FHA Properties: When is it acceptable to have more than one FHA mortgage? [NEW Mortgage Talking Points MTP™- When Can a Client Have More than One FHA Loan?]

Answer: Listed below are the only circumstances in which a Borrower with an existing FHA-insured Mortgage for a Principal Residence may obtain an additional FHA-insured Mortgage on a new Principal Residence. Reference:  4000.1 II.A.1.b.iii.(A) RELOCATION – A Borrower may be eligible to obtain another FHA-insured Mortgage without being required to sell an existing Property covered [...]

2018-05-31T10:21:40-05:00February 22nd, 2018|

FHA – CAIVRS Alert: If a client with a CAIVRS alert reaches a payment agreement, is this sufficient or do they need to pay the debt in full?

Answer: The first guideline below is from the 4000.1 Handbook isn’t much help with your question as it refers to the Debt Collection Improvement Act but doesn’t provide an explanation summary of how to comply with this law. The second guideline is actually from the FHA FAQ Database and provides additional details on how to [...]

2018-06-01T13:00:42-05:00February 22nd, 2018|

FHA – Well/Septic Requirements: What are the current rules about when a well & septic inspection are required?

Answer: Sometimes the local jurisdiction requires these inspections whenever a home is sold.  If that is not the case, then the lender must follow the guidelines below.  The way the guidelines are written, unless the lender gets both a well and septic inspection, I don’t see how they can comply with the guidelines. Private well:  [...]

2018-06-01T13:01:24-05:00February 22nd, 2018|

Fannie Mae – FHA – Co-Signed Car Loan: If a borrower co-signed a loan for someone and we have proof that this person made the payments, can we exclude the debt?

Answer: See text from Fannie Mae selling guide below.  As long as the payments have been made on time and you have 12 consecutive months’ worth, you should be okay. Reference:B3-6-05, Monthly Debt Obligations (01/30/2018) Debts Paid by Others Certain debts can be excluded from the borrower’s recurring monthly obligations and the DTI ratio: When [...]

2018-06-01T13:01:57-05:00February 22nd, 2018|

FHA – IRS Installment Agreement: What are the Fannie Mae & Freddie Mac guidelines for a borrower with an installment agreement with the IRS?

Answer: FHA requires a 3-month payment history on delinquent federal tax debt. Also note that it is within the underwriter’s rights to view the continued accumulation of unpaid tax debt on a yearly basis as a derogatory reflection on the borrower’s financial management.  There may be additional questions from underwriting asking for an explanation regarding [...]

2018-06-01T13:02:38-05:00February 22nd, 2018|