Tag: Occupancy

Minimum Time Frame to Occupy a Fannie Mae Financed Property

Question: Do Conventional loans require an occupancy on property within 60 or 90 days? Answer: Typically, the borrower shall establish, occupy, and use the principal residence within 60 days after the execution of the security instrument. However, this can vary by states.  So, also refer to the applicable state security instrument form for requirements. Reference:Fannie Mae B2-1-01 […]

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Freddie Mac – Reining in Reverse Occupancy

Written by: Lloyd Rutherford, Staff Writer Opening your eyes to what causes lender buybacks or litigation is important if you are going to be in the business of lending money.  The agencies periodically issue fraud trends that they see in our industry, and it is important for all lenders to keep up on what is […]

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What are the Occupancy Rules for VA Loans?

Question: My Veteran client is currently stationed in the States and will be stationed in a foreign country for a few months prior to returning to the states. He would like to purchase a home to occupy when he returns home in a few months. Will VA allow this? Answer: VA allows occupancy to be […]

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Fannie Mae Selling Guide Announcement SEL-2019-02 – Dated March 6, 2019 – Effective Immediately – Leasehold Estates – Effective June 1, 2019 – Manual UW Changes

Written By: Lloyd Rutherford, Staff Writer Fannie Mae released an updated version of their eligibility matrix.  Read through this update to find out what has changed. Rule Synopsis: Fannie Mae is updating their selling guide for a variety of topics. This article will focus on the topics that benefit originators. The updates announced in this […]

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