Tag: Fannie Mae/Freddie Mac

Did You Know? If you have been on workman’s compensation, there is no waiting period to count your income once you have returned to work with the same employer. Don’t let this worry hold you back!

Did You Know? If you have been on workman’s compensation, there is no waiting period to count your income once you have returned to work with the same employer. Don’t let this worry hold you back!

Related Article Title: Waiting Period After Workman’s Compensation Question: My client has been on Workman’s Compensation for 18 months.  He just started back and wants to purchase a new home.  Is there a specific time period for being back to work? MC – Income Analyzer – Gaps in Employment Answer: There is no waiting required […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

Purchasing a Property from a Trust? If so, there are some things you need to know before you sign the contract.  Let’s talk about your situation and find some solutions for you!

Purchasing a Property from a Trust? If so, there are some things you need to know before you sign the contract.  Let’s talk about your situation and find some solutions for you!

Related Article Title: Gift of Equity from a Trust Question: My client is purchasing a property from an Irrevocable Trust that he is named in.  Is the trust permitted to offer him a gift of equity for the purchase? MC Chart – Gifts & Gifts of Equity Answer: Trusts and/or estates are not eligible gift […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

Retiring or Changing Jobs Prior to Buying a Home? Here’s what you need to know!  Home lenders look for a history of income and a likelihood that this income will continue.  When you retire or change jobs prior to closing, it triggers additional documentation requirements, or may require you to wait until you start receiving that income. Let’s talk about your plan before you buy a home!

Retiring or Changing Jobs Prior to Buying a Home? Here’s what you need to know!  Home lenders look for a history of income and a likelihood that this income will continue.  When you retire or change jobs prior to closing, it triggers additional documentation requirements, or may require you to wait until you start receiving that income. Let’s talk about your plan before you buy a home!

Related Article Title: Borrower Retires Prior to Closing – Future Pension Income Allowed? Question: My client retired while under contract to purchase a new home.  Her pension will not be received until after the loan closing date.  Can this be used as “future income”? MC – Income Analyzer – Retirement Income – MC -Income Analyzer […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

Did You Defer Mortgage Payments During COVID? If so, you may have questions about how this will affect your ability to Purchase another home or Refinance.  Let’s talk about your situation and plan of action!

Did You Defer Mortgage Payments During COVID? If so, you may have questions about how this will affect your ability to Purchase another home or Refinance.  Let’s talk about your situation and plan of action!

Related Article Title: Client Co-Signed a Loan Now in Forbearance Question: Our client co-signed a home loan for her sister who is now in forbearance.  Normally, I would use a 12-month payment history to offset the payment, but that is not possible.  The sister has offered to bring the mortgage current, will that work? NEW MC […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

Have you ever heard of an “Non-Arm’s Length Transaction” in real estate? In most real estate transactions, a buyer and seller work the best deal they can for themselves. However, sometimes one of the parties has more power than the other, such as an employer selling to an employee, or a family member to family member.  When this happens, the lender may have rules.  If this sounds like your situation, let’s talk first!

Have you ever heard of an “Non-Arm’s Length Transaction” in real estate? In most real estate transactions, a buyer and seller work the best deal they can for themselves. However, sometimes one of the parties has more power than the other, such as an employer selling to an employee, or a family member to family member.  When this happens, the lender may have rules.  If this sounds like your situation, let’s talk first!

Related Article Title: Family Status and Non-Arm’s Length Transactions Question: Is a first cousin selling to their first cousin considered a non-arm’s length transaction? Answer: Yes, that would be a reasonable conclusion. The familial relationship is not always the sole indicator of a non-arm’s-length transaction as it could be between an employer/employee (think builder situation) […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

Scroll to Top