Issue: Q&A – May 25, 2020

Who Gets the Surviving Spouse Benefits When a Veteran Passes Away?

Question: If the Veteran dies before Closing, do his/her VA Benefits transfer to the surviving spouse regardless of any previous marriages? Answer: Surviving spouse eligibility is only granted under certain conditions and is not an automatic benefit transferred to a surviving spouse of a veteran.  Eligibility will have to be determined by VA, so a […]

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Tax Returns During COVID-19

Question: Are tax transcripts required for a Fannie or Freddie loan for a self-employed borrower income? I thought I heard that they are temporarily not required due to the COVID-19 and the IRS working at less capacity. Answer: Fannie and Freddie do not require transcripts in a file UNLESS the transcript was ordered AND processed […]

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Expected/Future Income During the COVID19 Pandemic

Question: Has Fannie Mae or Freddie Mac released any guidance on the use of expected or future income during the COVID-19 Pandemic? Answer: What a great question!  There has been no correspondence from Fannie or Freddie announcing that they would be discontinuing their guideline allowing for future income/job. This is still allowed per selling guide […]

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Waiting Period for a VA Cash-Out Refinance

Question: My applicant used a private mortgage to buy a property.  They now want to do a VA Cash-Out refinance.  What is the waiting period to do this? Answer: VA does not have a seasoning requirement when the loan being refinanced is not a VA loan.  (See the excerpt from the latest Circular on this […]

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