Question: Our client inherited a property from her mother and wants to rent it out. When can she do a cash-out refinance on that property so that she has the available funds to fix up the property? Answer: It sounds like she was awarded the property and should be able to refinance the home into […]
A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.
Question: We have a VA client that bought a lot and then built a home using construction financing through a local bank. Both the lot and the loan are in our client’s name. The property is now finished, and they want to refinance to consolidate the lot loan and construction loan. Is this a cash-out […]
A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.
Question: Our client used VA financing to buy their home. They want to keep this home and purchase another home. Are they able to use VA maximum financing on the new home? Answer: Good News! Yes they can, on a one-time-only basis. Please see below from VA’s FAQ’s Q: I have already obtained one VA […]
A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.
Question: Our client has a first mortgage that was modified a couple of years after they purchased it. The mortgage statement indicates a “deferred balance”. If they want to combine these into one loan is this a cash-out or rate-term refinance? Answer: If there is no formal institutional 2nd lien on the property and he […]
A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.
Question: Our client owned a mobile home that went into collection. They paid the collection, but now the credit report states it was a mortgage and settled for less than the full balance. Is this wrong or would this be considered a short sale? Answer: Unfortunately, this is not specifically addressed in the regulations. I’ve […]
A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.