Question: Our client has a second home that is paid for, gutted and without running water. They want to take out a home loan to renovate the property to standard living conditions. Is there an option for them? Answer: Yes! Fannie Mae offers what they call the HomeStyle® Renovation which supports second homes. Keep in […]
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Question: Our client has a 1st mortgage and then took out a 2nd [HELOC] to do a renovation. All of the funds from the HELOC were used for renovation and we have receipts. Can I do a rate and term refinance or is this considered a cash-out? MC Refinance Chart-All Agency Guidance Answer: For Fannie […]
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Written by: Lloyd Rutherford, Staff Writer Effective Immediately with all loans in Process! Rule Synopsis: Freddie Mac issued another Bulletin (2019-11) related to the COVID-19 related issues and they also updated their FAQ document to add additional questions that have cropped up due to the pandemic. Freddie Mac is taking a different approach than Fannie […]
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Written by: Lloyd Rutherford, Staff Writer More options for those of you in markets with lower inventory! Check out the new updates in Freddie Mac’s renovation program. I think you’re going to like how this program will help you generate more business. Rule Synopsis: Freddie Mac is updating their selling guide to introduce their newest […]
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Answer: FHA does not have any special provisions for calculating rental income on a 203K loan. The standard guidelines will apply and the rental income can be used per the policies below. Reference: (I) Rental Income (TOTAL) (1) Definition: Rental Income refers to income received or to be received from the subject Property or other real estate […]
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