Issue: Q&A – May 25, 2021

Calculation of Income When Married Borrowers are Separated

Question: My client is separated from her husband. They have not lived together in over a year, but are not legally separated. She is a first-time homebuyer and has never owned a home. Do I have to account for his income, because they are still legally married, even though they are not living together? Answer: […]

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Primary Housing Expense Requirement When Buying Investment Property

Question: My client owns 8 investment properties and is purchasing another investment property.  She is not obligated on the note for her primary residence but is on the title.  Will Fannie Mae or Freddie Mac allow her to use the rental income on the new investment property loan if she has no “primary housing expense”? […]

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Expired Work Visas

Question: I have two borrowers whose current work permit (Category A18) expired and they are in the process of getting it renewed. We have documents to showing the application and pending renewal. Will this be acceptable to Fannie Mae? MC – Visa Status – Non-US Citizen – All Agency Guidance Chart Answer: The USCIS defines […]

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Minimum House Size for USDA

Question: Is there a minimum requirement for the size of a USDA home or number of bedrooms?  Answer: There is a minimum square footage requirement for manufactured housing of 400 sq ft, but there is no minimum number of bedrooms. [Article Published in Question & Answer Issue – May 25, 2021] Copyright © 2021 – […]

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Property Flipping & VA Financing

Question: Are there any silent VA guides for property under 90 days? Answer: VA has no flipping policy (like FHA does) and would allow an immediate resale. However, you can expect close value scrutiny from an underwriter on any flip situation. What that ‘scrutiny’ will entail as far as tolerance for sales price vs seller’s […]

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