Issue: Q&A – July 25, 2019

How do I calculate overtime income on a conventional loan?

Answer: If your lender is willing, and the trend is increasing, the most amount of income you could use for OT for a borrower would be your 2018 + YTD approach.  The income is trending up and appears consistent, but the overall decision to use any specific average is up to the lender.  The highlighted […]

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Does a VA Cash-Out need to meet the Net Tangible Benefits Requirements?

Answer: Yes, there now must be a Net Tangible Benefit for any VA Cash-Out Refinance loan (per VA Circulars issued in February of this year and attached.)  So, the loan has to satisfy at least one of the 8 NTB’s listed. VA has yet to incorporate this new guidance into Chapter 6 of the VA […]

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