Tag: Eligibility

VA – Married Veterans – Combining Eligibility: If a married couple are both Veterans, can we combine their eligibility for high-cost areas to lower the down payment?

Answer: Unfortunately, no.  VA has a set 25% maximum guaranty of the area loan limit per LOAN, not per entitlement used.  So even though you may split the entitlement used between two veterans, the amount of down payment required doesn’t change. Social Media Post: VA does not allow two married veterans to combine their eligibility […]

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Fannie Mae Updates their Fact Sheet for Community Seconds and their Community Seconds Checklist – Dated July 2018

Written By: Lloyd Rutherford, Staff Writer If you understand how to use community seconds, especially in high cost areas, you have a leg up on your competition!  Read this article to understand how these are used and how they can help you gain more business. Rule Synopsis: Fannie Mae recently updated their requirements for Community […]

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Fannie Mae Fact Sheet – Underwriting Borrowers without Traditional Credit – “Automating a Manual Process” – Dated April 2018

By: Lloyd Rutherford, Staff Writer Non-Traditional credit does not mean “no mortgage”.  In fact, lenders who do not offer underwriting options for borrowers in this category significantly increase their risk for fair lending violations.  Read this update to learn what Fannie has to say about borrowers without traditional credit. Rule Synopsis: Fannie Mae created a […]

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