Ask Leslie Questions [Keyword Search]
Question: Do you have a guideline for acceptable and unacceptable fees that can be charged for FHA Loans? Can a loan processing fee be charged to the borrower on an FHA if it is either (a) paid to the originating broker or lender; or (b) paid to a third party contract processor? Either case, showing on the HUDs. I am getting lots of conflicting answers.
Submitted By: Vicki Dahl & Karen Burgland - September 05, 2008 View Answer
Question: Does Fannie, Freddie and/or FHA/VA consider a loan from your own 401(k) as a debt and is it added as a liability to qualify nowadays? I am getting conflicting answers.
Submitted By: Cindi Gardner - September 05, 2008 View Answer
Question: How does a bill become a law?
Question: I have a borrower whose husband is not going to be on the loan, but all of the cash is in his name. Her name isn't on any of the accounts, but that's where the money is coming from.
I was told it is okay if he gifts a full 20% down payment, but they need a 95% loan. I can't do a gift because the program won't allow it. Isn't there any way that I can make this work?
(assetes, own funds, down payment, FNMA, conventional, Fannie Mae, closing costs, gifts, spouse, partner, fiance, fiancee, pooling money, gift for down payment, domestic partner)
Submitted By: Juley Dutcher, Security National - August 07, 2008 View Answer
Question: Is it possible to originate FHA loans and get paid with a 1099 instead of getting a W-2?
Question: I remember seeing something about DAP programs and how they affect appraisals, underwriting and paying over "listed price". The only place that I can find it in writing is from one of my investors. Trouble is, I need to know what the generally accepted underwriting standards are, and what HUD/FHA says? This is important information for agents to know if it is general and not specific to one lender. Your thoughts, please. (FHA, HUD, DAP, Down Payment Assistance, Appraised Value, AmeriDream, Nehemiah, Listing Price, Paying Over Listed Value, Sales Concessions on Appraisal, Seller Concessions)
Submitted By: Dave Udy, First Money Mortgage - July 07, 2008 View Answer
Question: Thank you for writing the article on Super Max VA Loans (from the February 2008 Q&A about VA Jumbos). The template for calculating the maximum loan was excellent. My question - is it possible to use this factoring to Debt Consolidate? Thanks for whatever information you can provide. (VA, VA Refinance, Refinance, VA Eligibility, Cash-out Refinance, Jumbo VA, Debt Consolidation, Entitlement, Ginnie Mae, GNMA)
Submitted By: Rod Jefferies, Mortgage Consultant and Commercial Business Developer, Great Oak Lending Partners - July 07, 2008 View Answer
Question: Is it acceptable to work for an FHA approved company and have a real estate license at the same time? (FHA, FHA approved, Real estate license, Real estate agent, Realtor®)
Submitted By: John Hunt, Branch Manager - June 09, 2008 View Answer
Question: Can a veteran request and move their VA case number and appraisal without consent from the bank? (VA, VA Appraisal, Veteran, Move Appraisal, TAS)
Submitted By: Kirk Tatom, Tatom Lending - June 09, 2008 View Answer
Question: We are a wholesaler. If we have a loan file with appraisal, etc... then the borrower changes properties....do we need a whole new loan number and to re-disclose, etc.?
Submitted By: David Schetselaar, Branch Manager - May 06, 2008 View Answer
Question: Question: Can a married couple obtain a 2nd primary residence loan through Freddie Mac if one of the married couple intends to live in current property and the second married person intends to live new the new purchase? No legal separation or divorce intended, for family reasons can no longer reside in same house.
Question: FHA, underwriting higher ratios than guidelines, DU referred due to big housing ratio, may manually underwrite. SO, LTV is 75%, score 620, ratios are 38/38, 5 years on job with $8,500 in reserves. What ratios does FHA accept for manual underwrites?
Submitted By: Michele Catoire, AE - May 06, 2008 View Answer
Question: Leslie,
Does FHA still refund unearned UFMIP if the borrower refinances to a non-FHA loan? Or do they only credit for FHA to FHA loans? Thanks!!!
Submitted By: Kelly L. Whytock, RidgeView Mortgage Inc. - May 06, 2008 View Answer
Question: FHA loan. I know that we normally need an appraisal on a house when it is being taken in trade. But the Builder is not giving him any equity. In other words the down payment is not coming from the sale of the house to the builder. Do we still need appraisal, I did not think so. But wanted your opinion.
Thanks so much!
Submitted By: Vicki Williams, Anchor Mortgage - May 06, 2008 View Answer
Question: Leslie, do short sales affect your credit? I have a borrower who is selling their investment properties under short sales. He is worried it will affect his credit. Also, has a new law been enacted in regards to how a short sale is treated on your tax returns? Thanks. Teresa
Submitted By: Teresa Lindsay, Chase Financial Mortgage - May 05, 2008 View Answer
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