Question: I have a conventional loan borrower with a $60,000 collection. It is not a charge off or a lien. When I ran DU the loan was approved. Does the collection need to be paid off? Your chart says it does not need to be paid off, so I am verifying this. MC Chart – […]
A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.
Question: Is a Veteran able to apply for an IRRRL prior to the seasoning date and then close after the seasoning date requirement? MC Chart – VA Refinance Comparison Answer: VA determines seasoning by date of loan closing, not application date. So, application could be taken prior to the 6th payment being made, but the […]
A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.
Question: What mortgage programs are available for non-permanent residents? Answer: All agencies [Fannie Mae, Freddie Mac, FHA, VA, and USDA] will accept non-permanent residents with a valid EAD [Employment Authorization Document]. Your client should also have a document showing their type of Visa. If they do not, they can get proof of their status online […]
A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.
Question: My client’s student loan repayment plan is graduated payments that start lower and get higher every couple of years until the loan is fully amortized. How do I count a payment for this scenario? MC Chart – Student Loan Repayment Answer: The current graduated payment amount does not fully amortize the loan if it […]
A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.
Question: The title report shows a judgment for past due HOA fees. Can this be satisfied through the cash-out refinance proceeds or does it need to be paid off prior to closing? Answer: There is no real direction in the Fannie or Freddie selling guide that prevents you from using the cash-out proceeds to pay […]
A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.