Tag: waiting period

How Does Inherited Property Foreclosed Upon Affect the Person Inheriting the Property?

Question: My borrower inherited a property (along with his siblings) after his parents’ passing in 2016. The property was then transferred via a Deed in Lieu of Foreclosure in 2018 in which the borrower is listed on the deed in lieu as the grantor/executor of the estate. Since my borrower was only the grantor through […]

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Is a Foreclosure on a Lot Considered a Foreclosure for Qualifying Purposes?

Question: Our client bought a lot about 10 years ago.  They stopped paying taxes and the sheriff placed the lot for sale, but no one purchased it.  Is this considered a foreclosure against our client? MC Chart – Extenuating Circumstances Answer: Assuming that the land was transferred out of the borrower’s name and back to […]

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Waiting Period for a Cash-Out Refinance

Question: If a property was purchased in November of 2019, when can my client close in order to get cash-out?  MC Refinance Chart – All Agency Guidance Answer: Six months from the date of recording of the purchase transaction. Reference:Fannie Mae Selling GuideB2-1.2-03 [Article Published in Question & Answer Issue – May 25, 2020] Copyright […]

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Waiting Period for a VA Cash-Out Refinance

Question: My applicant used a private mortgage to buy a property.  They now want to do a VA Cash-Out refinance.  What is the waiting period to do this? Answer: VA does not have a seasoning requirement when the loan being refinanced is not a VA loan.  (See the excerpt from the latest Circular on this […]

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Waiting Period After Loan Modification

Question: How long do you need to wait to refinance a borrower who did a loan modification for a conventional loan? Answer: I’m not sure I can get you something that tells you specific dates or timelines since this topic was removed. Check out the comments below and then seek out the sections below for […]

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