Tag: Q&A

Will VA Allow a Purchase with Two Parcels that are Side by Side?

Question: My Veteran client would like to buy a home that sits on one parcel and also purchase the land parcel adjoining the property. They are owned by the same person and both will be listed on the contract.  Will VA allow this? Answer: As long as the parcels are side by side, they can […]

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VA – Charging Points on a Streamline IRRRL

Question: Can you charge points without requiring a new appraisal on a VA Streamline IRRRL? VA Refinance Comparison – Chart Answer: The newest guidelines regarding points on IRRRLs were published in Circular 26-19-22. While VA has no prohibition on charging reasonable points, they do have rules regarding adding those points into the loan amount. See […]

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FHA Distinction Between Part-Time & Secondary Employment

Question: My co-borrower was a stay-at-home Mom for a few years and recently went back to work as a part-time employee.  How many months is required on this job before we can use the income? Mortgage Income Analyzer™ – Part -Time Employment Answer: While it’s common to use the term ‘part-time’ to describe any employment […]

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Can line 13 on Schedule E be added back in to calculate rental income?

Question: Can line 13 on Schedule E be added back in to calculate rental income? If so, since it is not listed as mortgage interest on line 12, do you need a 1098 to prove it was mortgage interest? Answer: Rental income calculations are different depending on whether the income is from the subject property or […]

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Fannie Mae – Auto Allowance & Mileage as Income

Question: My client has received an auto allowance and mileage every month for 3 years. Can I use this as income, or use it to offset his auto debt? Answer: You would not be able to use the mileage rate.  Fannie Mae stripped that out of their guidelines in 2018 due to changes in the […]

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