Tag: Q&A

Cash-Out Refinance Waiting Period on an Inherited Property

Question: Our client inherited a property from her mother and wants to rent it out.  When can she do a cash-out refinance on that property so that she has the available funds to fix up the property? Answer: It sounds like she was awarded the property and should be able to refinance the home into […]

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Seller-Paid Special Assessment and IPC Rules

Question: Our client is purchasing a condo with a special assessment of $16,000 due 2 weeks after closing.  Our sales contract states that the seller will pay this assessment, but we are concerned this may be viewed as an Interested Party Contribution.  What is your opinion?  MC Chart – Interested Party Contributions Answer: Yes, this […]

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Financing the VA Funding Fee

Question: Is it true that VA is no longer allowing the Funding Fee to be added to the base loan amount? Answer: I assure you that is not the case. The funding fee can still be added into the loan.  Reference: Chapter 8 – Section 7a. For all types of VA loans, the loan amount […]

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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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