Issue: Q&A – June 25, 2021

Non-Owner Occupied Financing – Non-Related Co-Borrowers

Question: My client would like his pastor to co-sign for a non-owner-occupied property because he does not qualify on his own.  Does the co-borrower need to be related? MC-Non-Occupant Co-Borrower Chart – All Agency Comparison Answer: There are no restrictions for relationship requirements for non-occupant co-borrowers, other than being an interested party to the transaction. […]

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VA IRRRL P&I Increasing Due to Shorter Term Loan

Question: Our Veteran client wants to refinance under the IRRRL program because he is able to lower his rate by .5%.  However, he also wants to lower his term from 30 years to 15 years, which is increasing his P&I.  Will VA allow this under the IRRRL program? Answer: Mortgage Currentcy has many reference charts […]

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Will Adoption Income Count?

Question: Can adoption income be used as income? Answer: Adoption assistance would fall under the “Public Assistance Income” guideline, which requires that the income cannot expire within 3 years from the date of mortgage application. (See guideline below.) Reference: 4000.1 II.A.4.c.xii(F) or II.A.5.b.xii(F) Public assistance refers to income received from government assistance programs. Mortgagees must […]

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Primary Residence Purchase of a Multi-Unit with a Non-Occupant Co-Borrower

Question: I have a client purchasing a duplex with his father. The son will use 1 unit as his primary residence and father will be a non-occupant. Can this be done with only putting 3.5% down payment? Answer: Unfortunately, not with FHA. The LTV would be limited to 75%. See the guideline below. Reference: 4000.1 […]

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Fannie Mae Condo Approvals

Question: Do we need to get the condo questionnaire back to know if a condo is approved by Fannie Mae? Answer: Fannie Mae has a list of approved condos available at this link. Scroll down to the state you are interested in: Approved Condo Lookup – Fannie Mae As to whether you need a questionnaire, […]

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