Issue: Q&A - November 25, 2016

Ordering a Second Appraisal: My seller had a low USDA appraisal and wants to know if the next USDA buyer can order a new appraisal?

Answer: Unless your company has a policy against it, unlike FHA, there is nothing in the regulations that would keep a borrower from obtaining a new appraisal under the USDA RD program. FHA contract fall through on your seller? USDA does not make you wait to order an appraisal for the new buyer! Copyright – […]

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Rental History Guidelines: If my borrower has no rental history, can they apply for USDA financing?

Answer: No rental history from your client? USDA is okay with that! The lack of a current rental history is not a reason to deny the loan as referenced in the guideline attached below. Typically, it is acceptable to simply get a statement of residency similar to the form we are attaching below. Statement of […]

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IRRRL vs. Cash Out-Reference Chart: Do you have a reference sheet for when a VA loan is IRRRL vs. Cash-Out Refinance?

Answer: This is a side-by-side comparison chart that VA has in their handbook. It compares the regular VA Cash-Out Refinance (VA calls any type of refinance ‘cash-out’ except IRRRLs) to IRRRLs. See below. Reference: VA Manual Copyright – 2016 – MortgageCurrentcy.com

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Calculation Remaining Entitlement: Can a veteran have more than one VA loan?

Answer: Yes. VA allows a veteran to have more than one VA loan. They may use remaining entitlement for the purchase of another home. We are attaching a VA publication that is very helpful in understanding how this works. Veterans can own more than one home financed with a VA loan! Reference: VA Guaranty Calculation Examples […]

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Exceeding County Limit Calculation: Can you exceed the county limit for a VA loan if the LTV is 80%?

Answer: Veterans are not limited to county limits for loan amounts. How much they can borrower depends on their Guaranty, so call me first! Attached below is a VA Guaranty Calculation Example instruction sheet created by VA. All the examples are purchase transactions; however, if you substitute the value of the home for the purchase […]

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