Issue: Q&A – November 25, 2017

VA – Widow Rights to Refinance: Can a widow of a VA veteran who was not on the mortgage refinance the mortgage into their name?

Answer: IF the spouse is eligible for a VA loan (see the VA guidelines below) then yes, the loan will have to be manually underwritten, because the AUS will not be able to evaluate the mortgage payment history on the loan. Reference: Chapter 2, VA Handbook b. Application for Unmarried Surviving Spouses Unmarried surviving spouses of […]

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VA – ECOA Compliance – Name on Mortgage: The underwriter is requiring that the borrower take title to the property in the exact name as the DD214; is that a VA Requirement?

Answer: VA Requirements: While using the exact name on the application from the DD214 may make the process of requesting a Certificate of Eligibility (COE) in the VA WebLGY system easier, in certain cases it may also be completely inappropriate. An application should contain the borrower’s legal name, which could easily be different (in the […]

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FHA – FHA 203(h) Disaster Program: Do you have any reference materials about how we can assist FHA borrowers in disaster areas with the FHA 203(h) program?

[Includes New MTP™, FHA 203(H) Disaster Relief Program] Answer: FHA offers a program for Declared Disaster Areas that assist homeowners or those wishing to purchase a new home. Call for Fact Sheet! Yes, we have an NEW MTP™ which we have attached below for your convenience. Until this year, this program was fairly underutilized. However, […]

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FHA – 203(h) Program-Manufactured Homes: Will FHA allow manufactured homes under the FHA 203(h) disaster relief program?

Answer: FHA allows manufactured homes under their Disaster Relief Program. Call me for a fact sheet. Copyright – 2017 – MortgageCurrentcy.com

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FHA – Gift Funds – Documentation Requirements: Does FHA require us to document that a check cleared from a donor’s account when the borrower has received the gift in their bank account and is documented as cleared? [MC Gift Funds-Gift of Equity-All Agencies Charts AND MC MTP-Who Can Give a Gift-PLUS-The Paper Trail-Rules for Verifying Gift Funds on FHA Loans.]

[MC Gift Funds-Gift of Equity-All Agencies Charts AND MC MTP-Who Can Give a Gift-PLUS-The Paper Trail-Rules for Verifying Gift Funds on FHA Loans.] Answer: Just in, Who Can Give a Gift on an FHA loan? Contact me for your free copy! MortgageCurrentcy™ offers several Gift Funds Reference Charts which are attached below for your convenience. […]

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