Tag: Title

Fannie Mae – Adding New Person to Title for Cash-Out

Question: My client has owned a property for 12 months and wants to add his friend to the title so that they can do a cash-out refinance to pay off the mortgage and cash-out the money spent on renovating the property. Is there a waiting period involved, and how do I document this file? Answer: […]

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Fannie Mae – HomePossible™- Borrowers on Title: If an occupying co-borrower wants to be on the note but not the deed, will the down payment be 3% or 5%? [MC Chart – 97% Fannie Vs. Freddie Chart]

Answer: If all borrowers are occupying, then 3% is acceptable.  It sounds like they are signing the Note but not the mortgage deed, which shouldn’t be an issue as long as they are an occupying co-borrower and will have their debts and income assessed in the overall eligibility of the loan.    Social Media Post: Fannie […]

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Fannie Mae & Freddie Mac – Property Titled to LLC: Can a borrower transfer a loan (title) from their name into the name of an LLC?

Answer: Fannie and Freddie only provide loans to individuals, not entities/corporations like an LLC. You would have to check with the loan servicer to see if they would allow the title (after loan is closed) to be changed to an LLC. When you are originating a loan to be sold to Fannie or Freddie, the title […]

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FHA – Purchase Contract Requirements – Spouse – Is the spouse permitted to be on the contract and title without being on the loan? [NEW MTP™ “We Are Family! How FHA Defines a ‘Family Member’”

Answer: Per the FHA guideline below the spouse’s name would not have to be removed from the Sales Contract even if they are not a borrower. Typically, the spouse will be added to title at closing without a problem; however, the loan will be closed initially in the name of the borrower only as this […]

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