Tag: Cash-out

Freddie Mac – LPA Feedback Message Updates – Effective December 3, 2019 and January 25, 2020 and February 4, 2020 – Dated November 21, 2019

Written by: Lloyd Rutherford, Staff Writer One of the best things you can do for your business is to understand how your AUS systems work. This update on Loan Product Advisor shares some important changes you need to know to get the results you want! Rule Synopsis: Freddie Issues notification that they are updating Feedback […]

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Fannie Mae’s Top FAQs – NEW MTP™ – What is The Difference Between a Second Home and Investment Property?

Written by: Lloyd Rutherford, Staff Writer FAQs published by Fannie Mae are a great way to learn a lot in a quick period of time. Read through this latest FAQ release and pick up some great tips! Rule Synopsis: Fannie Mae updated their top trending questions. Fannie Mae also updated their FAQ for Homeownership Education […]

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New Construction Cash-Out Refinance Rules

Question: My client paid cash for a parcel of land that he is now building a home on using construction financing from his bank. He wants to pay off the construction loan and lower his rate to a longer-term mortgage loan. Is this considered a cash-out or a rate/term refinance? Answer: This is a conversion […]

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Fannie Mae – Adding New Person to Title for Cash-Out

Question: My client has owned a property for 12 months and wants to add his friend to the title so that they can do a cash-out refinance to pay off the mortgage and cash-out the money spent on renovating the property. Is there a waiting period involved, and how do I document this file? Answer: […]

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Does a VA Cash-Out need to meet the Net Tangible Benefits Requirements?

Answer: Yes, there now must be a Net Tangible Benefit for any VA Cash-Out Refinance loan (per VA Circulars issued in February of this year and attached.)  So, the loan has to satisfy at least one of the 8 NTB’s listed. VA has yet to incorporate this new guidance into Chapter 6 of the VA […]

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