Issue: Q&A - October 25, 2016

Income Derived from Marijuana Company: Does Fannie or Freddie have guidelines about income derived from a W2 employee of a Marijuana company?

Answer: As long as the federal government treats this type of income as an illegal activity, it would be rare that you see any mainstream lender allow this type of income to be used for qualifying. Although states can pass their own laws, the federal government still treats marijuana as an illegal drug. This answer […]

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Bankruptcy Guidance: What is the time frame to apply for conventional financing after a bankruptcy?

[Download Mortgage Talking Points™, Fannie Mae vs Freddie Mac Waiting Periods for Derogatory Credit] Answer: Interested in understanding the wait periods for financing a home after a foreclosure or bankruptcy? I have great chart, so hit me up! MortgageCurrentcy™ understands this is a hot topic and has actually created two documents on the MC website to […]

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Financing Renovations: Is there a loan program where a borrower can purchase a home, and also finance the renovations to that home?

[Download Mortgage Talking Points™ flyers, Fannie – Using HomeStyle™ Energy Loans to Sell More Homes] Answer: Yes there are several programs for this situation. FHA has one called the 203K Fannie Mae has one called the HomeStyle® Renovation Freddie Mac has one that is simply referred to as a Renovation Mortgage. Renovation financing is back in […]

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Property-Flipping Rules: Do you have a property-flipping rules comparison chart for FHA, VA, USDA, Fannie & Freddie?

[Download Chart – Property-Flipping Rules – FHA/VA/USDA/Conventional (effective 10-25-2016)]Answer: Yes, we have a brand new chart available on this subject, attached below. Download – Comparison Chart – Property Flipping Rules – FHA/VA/USDA/Conventional (effective 10-25-2016). Mortgage rules can be confusing when it comes to flipping properties. Free reference chart if you contact me. Copyright – 2016 […]

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Referral Source and Lender are Married: Is it considered a conflict of interest for a real estate agent to refer loans to his spouse who is an originator?

Answer: Is it a conflict of interest for a real estate agent to refer business to their loan originator spouse? Call me for an attorney’s opinion! In order for this to violate RESPA’s anti-kickback provisions, the government (or an individual) would need to be able to prove that the loan originator gave something of value […]

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