Tag: Rules

Refinance After a Forbearance

Question: Our client was in forbearance but is now current for last 3 months and wants to Refinance. The Unpaid balance has gone up by about 50K from the forbearance time period. Will the Refinance be considered a Rate and Term or Cash-Out? Answer: I think Q43 of the Fannie Mae COVID FAQ document, located […]

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Guidelines for Shared Driveways

Question: Are there any rules regarding a shared driveway for a conventional loan? MC Shared Driveway – All Agency Comparison Chart Answer: Both agencies address this in their selling guides under title Exceptions/impediments, and both support a shared driveway as an exception. Check with your title company and lender on any required endorsements that this […]

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New Construction – Deed Date & Flipping Rules

Question:  I see new construction transactions where the sales contract is dated prior to the deed reflecting when the seller (builder) actually took ownership to the land for the subject property. Is this ok because it’s a builder transaction and the property flipping guidelines won’t apply? MC Chart – Property Flipping Rules – All Agency […]

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