Issue: Q&A – September 25, 2020

Seasoning Requirement for Refinance When VA Loan is Assumed

Question: If a Veteran assumes a VA loan, are they eligible for a VA Refinance? MC Chart – VA Refinance Comparison Answer: When a loan is assumed, it is not a new loan. It is the existing loan with a new responsible party. So, the seasoning requirement is based off of when the first payment […]

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Non-Occupying Co-Borrowers on a 2-Unit

Question: Will Fannie Mae and Freddie Mac allow non-occupying co-borrowers on a 2-unit?  MC Chart – Non-Occupying Co-Borrowers Answer: Yes, that is allowed. Supporting Resource: MC Chart – Non-Occupying Co-Borrowers [Article Published in Question & Answer Issue – September 25, 2020] Copyright © 2020 – Mortgage Currentcy – All Rights Reserved

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Do Utilities Reported on a Credit Report Need to Be Counted?

Question: Do I need to count utilities reported on a credit report when calculating the DTI [Debt to Income Ratio]? Answer: On an FHA loan, utilities are not included in the DTI ratio. [Article Published in Question & Answer Issue – September 25, 2020] Copyright © 2020 – Mortgage Currentcy – All Rights Reserved

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USDA Identity of Interest – Buying from a Family Member

Question: My client is buying a property from his grandparents.  Will there be an identity of interest issue with this scenario? Answer: USDA has no “identity of interest” restrictions like FHA. It’s already a zero down loan product and the grandfather can actually pay all the closing costs/prepaids up to 6% of the sales price. […]

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Proving Mortgage Debt on a Mortgage Loan is Paid by Other

Question: My client thought that he was co-signing for a family member, but now realizes he is the only borrower on the current mortgage.  Is there a way for him to prove that he is not making the payments so that we do not have to count this debt? MC Chart – Debt Paid by […]

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