Tag: Documentation

What Temporary Guidance Has Been Issued by FHA for Self-Employed Borrower Income?

Question: I am being challenged with a self-employed file and documenting it correctly.  What is needed in today’s COVID world? Answer: The requirements for the YTD P & L and the 2 months of bank statements are standard underwriting requirements. The only new COVID-related requirements for self-employed borrowers were recently issued in Mortgagee Letter 2020-23 […]

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Documents Needed for an FHA Streamline

Question: What are the income and asset document requirements for an FHA Streamline?  MC – FHA Streamline Worksheet Answer: If you are doing a non-credit qualifying streamline refinance, then income and asset documentation is not required. If you are doing a credit qualifying streamline refinance, then income and asset documentation is required based on the type […]

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Documenting Seasonal Employment

Question: I do not see guidance as to whether a lender is to use traditional documentation or alternative documentation for seasonal income. Since there season has not started, they do not have a YTD paystub.  MC Income Analyzer – Seasonal Income Answer: FHA allows the lender to use either traditional or alternative documentation (see the […]

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FHA – Expired Green Card: Our applicant has an expired Green Card and was told it could take up to a year to get the new one. Will FHA accept this? [Includes Visa Status Chart]

Answer: Research on this topic reveals that long delays for Green Card renewals are a current problem.  FHA doesn’t provide details on acceptable documentation in these cases, but they do require that the borrower provide proof of lawful residency, which your borrower cannot do with only an expired Green Card.  While I can’t speak to […]

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Fannie Mae DU Validation Service FAQ’s – Updated January 16, 2018

By: Lloyd Rutherford, Staff Writer Using DU can be a complete pleasure or a real pain!  As lenders have questions, Fannie releases updated DU Validation Service FAQs.  It’s important to read through these as they are issued to correct any issues you may be having. Rule Synopsis: Fannie Mae updated their DU Validation FAQ document. […]

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