Tag: Refinance

Fannie Mae’s Top FAQs – NEW MTP™ – What is The Difference Between a Second Home and Investment Property?

Written by: Lloyd Rutherford, Staff Writer FAQs published by Fannie Mae are a great way to learn a lot in a quick period of time. Read through this latest FAQ release and pick up some great tips! Rule Synopsis: Fannie Mae updated their top trending questions. Fannie Mae also updated their FAQ for Homeownership Education […]

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Solar Panels and HERO Loans

Question: We are running into an issue with an FHA Streamline refinance because the HERO loan that is on the title for Solar Panels does not subordinate.  How does FHA handle this? Solar Panels – Chart – NEW MTP™ What Every Homeowner Needs to Know About Solar Panel Obligations Answer: Our understanding is that HERO […]

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VA Seasoning Requirements for a Cash Out Refinance

Question: Our client purchased a primary residence this Spring using private financing.  We would like to do a VA cash-out refinance to pay off the private financing but are being told that Ginnie Mae will not allow the refinance until a seasoning requirement has been met even though VA allows the refinance without a seasoning […]

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Waiting Period to Refinance a Property when Adding Parties to a title – Fannie Mae

Question: What is the waiting period on a refinance if the father is solely on the loan & title and the daughter wants to be added to the title in order to refinance the home into her name? They are not seeking cash-out, just a rate and term refinance. Answer: There is no waiting period […]

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FHA Determination of Property Value when owned for less than 12 months.

Question: Why is underwriting using the purchase price of a property vs. the full appraised value for a home that was purchased less than 12 months ago? Answer: FHA bases the LTV calculation on the Adjusted Value of the property.  See the guidelines below for the full details regarding the definition of adjusted value for […]

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