Tag: land contract

USDA Makes Major Revisions to Chapter 6 – Loan Purposes Handbook

Written by: David Hail, Staff Writer USDA made some massive changes with this update, so be sure to read through this article and the new charts if you offer USDA financing. NEW Chart – Refinance Comparison – USDA NEW Checklist – Loan Origination Checklist – USDA Updated Chart – Refinance Loans – All Agency Guidance […]

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Land/Installment Contract – Cash-Out Refinance

Question: My client has a recorded installment/land contract and has been making payments since 2009.  Are they able to do a cash-out refinance? Answer: Unfortunately, a rate and term refinance is required in this situation. The determination is made by the status of the land contract. If it’s recorded, then the transaction is done as […]

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Land Contract Deed Rules – Executed or Recorded?

Question: The Land Contract rules for Fannie Mae state that in order to refinance the property, the contract for Deed must have been executed at least 12 months prior to application date.  Is this executed date or recorded date? MC Land Contracts Chart – Fannie Mae & Freddie Mac Answer: I am going to suggest […]

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