Apr. 25, 2013
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| MI Calculator: Do you know of a calculator that I could use to compare the cost of MI to Conventional with monthly MI, with up-front MI and FHA with MI, using both today’s formula and the one going into effect on June 3, 2013? |
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| Home Warranty Disclosure: I am being advised that the cost of a Home Warranty needs to be included in Box 6 of the disclosure and is subject to the 10% tolerance. What is the rule? |
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| Family Home Purchase: A father is selling one of his investment properties to his son who has been renting it for a few years. Are there any LTV restrictions? |
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| Cash-Out Refinance: Borrower purchased a home 9 months ago with money from parents.
Borrower wants to do a cash-out refi for 80 percent, but U/W says that there is no continuity of obligation, and because there is no mortgage, they need to wait 12 months. What’s the rule?
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| Vacant Lot Seasoning: The buyer wants to build a home and is buying the lot really cheap. They want to get a construction loan and use the value (not the sales price) of the loan towards the equity. How long do they have to own the lot to use its full value? |
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| FHA Borrowed Funds: Under what circumstances can a client borrow funds for down payment or closing costs when buying a home? [Download Mortgage Talking PointsTM flyer, Shake the Money Tree - Little-Known Sources of Money for FHA Down Payment & Closing Costs] |
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| FHA Assumable Loans: Are FHA loans still assumable? [Download Mortgage Talking Points™ flyers, FHA Assumptions = More Sales] |
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| FHA Realtor Sales Commission: I’ve noticed that some lenders have limited the dollar or percentage amount of commission that a seller can pay. However, some agents are charging more for lower-priced homes. The UW is saying this is an “inducement to purchase” and deducts the difference from the appraisal value. What is the rule? |
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| VA Funding Fees: What is the Funding Fee on a refinance (from Conventional to VA)? Does it depend on Equity? [Download Chart/Checklist, VA Funding Fee Chart] |
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| USDA Employment History: Borrower has been on W-2 job for 2 months. Was a stay-at-home dad for 3 years. Prior to staying at home, was also employed. Does he have to be on the job for 2 years to use the income? |
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| USDA Bankruptcy: I have a client that filed a Chapter 7 BK. Home was not included. Payments never late and the home has sold. Can she get a USDA loan in less than 36 months? |
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| APR Disclosure: On pre-qual & pre-approval letters, do we need to show the APR in addition to the simple interest rate? |
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| FICO Scores: Can we also show the FICO score of the client on pre-qual & pre-approval letters without breaking any laws of privacy? |
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