Issue: Q&A – November 25, 2020

Borrower Retires Prior to Closing – Future Pension Income Allowed?

Question: My client retired while under contract to purchase a new home.  Her pension will not be received until after the loan closing date.  Can this be used as “future income”? MC – Income Analyzer – Retirement Income – MC -Income Analyzer – Expected Income Answer: Unfortunately, this is not an income source that can […]

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Counting Joint Obligations when Only One Spouse Is Buying

Question: My client is married but will be the only person on the loan.  She has a joint obligation with her husband, and he makes those payments out of his personal account.  Will this obligation need to be counted against her? New MC Chart – Community Property States Answer: I would advise you to review […]

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Two Homes on One Lot – Investor

Question: I have an investor who would like to refinance his modular home. He never divided the property yet built a second home on the same property, which does not have a mortgage. Is there a way for him to refinance the modular home? Answer: Unless the appraiser can appraise the home as a two-unit […]

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Payments Made After Forbearance Eligibility

Question: My client came out of forbearance and has made 2 payments.  He states that the deferred payments were added to the end of his loan.  He would like to sell this home and buy another one.  What are the requirements in order to do this? Answer: Here you go. Attachment included also. He needs […]

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Prorated Tax Credits for Down Payment on FHA Loan

Question: Is it true that tax prorations from the seller can be used towards the borrower’s minimum contribution on FHA loans? Answer: Not really. While the borrower can bring less money to the closing table because of tax proration credits, they have to be able to document that they had enough funds from acceptable sources […]

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