Tag: Q&A Issue

Financing Manufactured Homes Over 12 Months from Manufacture Date

Question: We keep getting a “refer” from GUS for a manufactured home that has never been lived in, but has been vacant for a while.  Is there a rule about the age of the property even when it has never been occupied? Answer: You need to ask what the manufacture date was. It cannot be […]

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

Large Down payment and Credit History

Question: My client is putting down 20% on the purchase of a home.  We were originally planning to go with a conventional loan; however, his credit is not sufficient.  Additionally, he has one late payment this year on a home that he sold.  Will FHA take this file? Answer: FHA will want a clean housing […]

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

Actual Rental Income vs. Appraiser’s Current Market Rent

Question: My client is refinancing a 2-unit home and occupies one unit.  His Schedule E shows $3,600 in monthly rental income, but the appraiser indicated current market rent as $2,500.  Which rental amount do I use, the real rent or the current market rent value from the appraisal? Answer: I looked to see if Freddie […]

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

Bankruptcy Guidelines and New Closing Date

Question: Our client’s credit report shows a discharge date for a Chapter 13 in June of 2019.  They would like to close in June of 2021. Since the contract requires a closing in the month of June, will this file need to be downgraded to a Manual underwriting? Answer: The case number assignment date is […]

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

Calculating Income with Annual Retirement Withdrawal

Question: My Veteran borrower takes an annual withdrawal from his retirement account.  He has provided us with 1099’s for 2020 and 2019.  Will VA allow this to be used as income? MC Chart – Retirement Account Withdraws Used as Income – All Agency Guidance Answer: In Chapter 4 of the VA Handbook when it briefly […]

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