Q&A – June 25, 2017

VA Non-Allowable Fees: Do you have a list of VA allowable and non allowable fees?

[Includes Download – VA Allowable & Non-Allowable Fees] Answer: Attached is the list, Cleveland Regional Loan Center Closing Costs Information for Lenders – Allowable and Unallowable Fees. VA lists fees that can & cannot be paid by the veterans. Reply if you’d like a copy of the VA list. Copyright – 2017 – MortgageCurrentcy.com A subscription is required [...]

2018-10-06T19:50:00-05:00November 4th, 2017|

FHA Mortgage Late Payment: Does FHA allow 1 x 30 in last 12 months? Just checking because I got a DU Approve/Eligible.

Answer: Yes. FHA would allow the 30-day late within the last 12 months on a purchase transaction. See the applicable guideline below regarding acceptable housing/mortgage payment history. 4000.1, II, A, 4, b, iii (K) Housing Obligations/Mortgage Payment History (TOTAL) (1) Definition: Housing Obligation/Mortgage Payment refers to the monthly payment due for rental or Properties owned. A [...]

2017-12-27T12:03:17-05:00November 4th, 2017|

FHA Rental Income Calculations: How do you calculate what rental income to use on 2-unit and/or other owned property?

Answer: FHA 3.51. Calculating Rental Income from the Subject Property. The mortgagee must add the net subject property rental income to the mortgagor’s gross income. Limited or No History of Rental Income To calculate the effective income from the subject property where the mortgagor does not have a history of rental income from the subject property [...]

2017-12-27T12:03:17-05:00November 4th, 2017|

Freddie Foreclosure Waiting Period: Has Freddie Mac has loosened its waiting period for borrowers that have had a foreclosure?

Answer: Freddie Mac has a different approach than Fannie Mae when it comes to this topic. In terms of actual time differences between the two agencies, there are none. Both are seven (7) years waiting period or 36 months for extenuating circumstances. The difference comes in the way Freddie uses Loan Product Advisor: if you get [...]

2017-12-27T12:03:17-05:00November 4th, 2017|

Fannie Refi Waiting Period: Is there a waiting period to refinance a home after a person has been added to a deed in their name only?

Answer: Only if you are trying to do cash-out. If rate/term, no waiting period required. Fannie got rid of their Continuity of Obligations requirements some time ago to make it easier for the industry. Copyright – 2017 – MortgageCurrentcy.com A subscription is required to access this content—please view our available subscription options. If you are a [...]

2017-12-27T12:03:17-05:00November 4th, 2017|