Issue: Q&A – October 25, 2019

VA Seasoning Requirements for a Cash Out Refinance

Question: Our client purchased a primary residence this Spring using private financing.  We would like to do a VA cash-out refinance to pay off the private financing but are being told that Ginnie Mae will not allow the refinance until a seasoning requirement has been met even though VA allows the refinance without a seasoning […]

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Use of Commission Income for Closing Costs for Realtor Purchase

Question: If a real estate agent is also the buyer, can their commission be used for either down payment or closing costs? – Interested Party Contributions – Chart – NEW MTP™ – Real Estate Agent As the Buyer – How Can Your Commission Be Used to Buy a Property? Answer: Fannie Mae will restrict the […]

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Waiting Period After Bankruptcy When Home is Re-Affirmed

Question: If a client has a Chapter 7 Bankruptcy, but the house was re-affirmed and they kept the house, is the waiting period 2 years or 4 years? Derogatory Credit Chart Answer: Mortgage Currentcy has a great Derogatory Credit Chart which we are linking below. The agencies do not consider whether or not the home […]

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Relocating and VA Occupancy Rules

Question: My VA client works for the government and is being transferred to another location next spring. They would like to buy a home in their new town in advance of the transfer. How far in advance of the new job starting, can they can execute that purchase? Answer: VA has a unique perspective on […]

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