Questions from this Issue:

• Home Buyer Tax Credit Extension for Military: Is it true that there is a one-year extension for military, to get the homebuyer tax credit? [Download Mortgage Talking Points^TM - Military & Certain Federal Employees Get Home Buyer Tax Credits Until 2011]
• USDA In-Ground Swimming Pools: What's the rule about lending on homes with in-ground swimming pools?
• Freddie Condo Insurance: What is Freddie Mac's guidelines regarding Condo HO-6 policy? I looked in AllRegs but could not find anything!
• Fannie Continuity of Obligation: I have a refi with 2 borrowers, but one of them wants to be dropped from the loan. What's the rule?
• Fannie Non-US Citizen: I have a potential borrower with 25% down and is fully employed with a good credit history on a student visa till 2011 but hopes to have her H1 work Visa in 3-6 months. Is residency an issue?
• Fannie Kiddie Condo: What’s the rule if a parent purchases a home/condo for a child who is going to college?
• Freddie Ratios: Is it true that LP does not have a maximum DTI like DU does (45 with up to 50 if there are compensating factors)?
• Home Buyer Tax Credit: I am using parents as non-occupying co-borrowers but can they just be on mortgage and note and not the deed to receive the first time tax credit refund?
• FHA No Credit Score: Have two unmarried borrowers - both will occupy the property. He has a credit score, she does not. As long as she does not have any negative trade lines, is she required to have a score?
• FHA New Construction: Can my FHA borrower act as his own general contractor?
• Self-Employed Borrower: I have two questions regarding a Self Employed Borrower's (Sch "C") on a FHA Purchase Loan.
• FHA Borrower with Short Sale: I have a borrower who wants to refinance his current loan. He was forced to “move” or lose job. Transfer resulted in short sale. Credit report shows lender settled for less. He has never been late on payments. Has been in new home with one year of on time payment performance. Are there programs for his refinance?
• VA Flipping Rule: Does the VA have a 90-day flipping rule similar to the FHA?
• VA Financing Townhomes: On a townhome, does VA have any percentage restriction for owner/renters like there is for Fannie? [Download Mortgage Talking Points^TM flyer, How Do I Know If It’s a Condo.]
• Reverse Mortgage Co-signer: I have a client that would like to be a non-occupying co-borrower for their son who is purchasing a 2-unit FHA. They currently have a reverse mortgage. Do I have to count this debt against them when there is no monthly payment?
• FHA Trust Ownership: Can you close a FHA loan in the name of a trust?