Tag: Identity of Interest

FHA – Proving 6 Months of Residency for Identity of Interest: What documents can I use to prove the 6-Month residency requirement for a borrower buying a family home from a trust? NEW MTP™- Identity of Interest – Who Can Exceed the LTV Limits?

Answer: The guidelines are clear that the borrower must have been living in the property for six months prior to the sales contract date.  The guidelines do not have a list of required documents, only that the lender must verify that the borrower must be a tenant of the property in order to exceed the […]

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VA – Identity of Interest – Second Appraisal: Does VA follow the same identity of interest rules as FHA in which they require a second appraisal?

Answer: VA does not have the same identity of interest rules as FHA and does not provide any guidance regarding non-arm’s length transactions.  VA would not require any type of second appraisal if a seller is related to a buyer and is paying closing costs. That said, be sure to verify that you don’t have […]

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