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brettbutler

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So far brettbutler has created 6 blog entries.

Fannie Mae & Freddie Mac – Liquidity Calculation: Do Fannie Mae and Freddie Mac have the same liquidity calculation for self-employed income? NEW – Liquidity Calculator

Answer: You should be able to use the same calculator for either agency; since the methodology is the same, the calculation itself mathematically does not change between the agencies.  Mortgage Currentcy has a liquidity calculator hosted on their site under charts & checklists, category Universal. Supporting Resources Liquidity Calculator [Article Published in Rule & Regulation [...]

2019-05-23T14:57:10-05:00May 24th, 2019|

Identity of Interest is a sale between parties with an existing Business Relationship or between Family Members. Normally, FHA restricts this type of sale to 85% of the sales price. However, there are exceptions to this rule that will allow 96.5% of the sales price. Comment below and I’ll send you this list!

Related Article Title – FHA – Proving 6 Months of Residency for Identity of Interest: What documents can I use to prove the 6-Month residency requirement for a borrower buying a family home from a trust? NEW MTP™- Identity of Interest – Who Can Exceed the LTV Limits? Answer: The guidelines are clear that the [...]

2019-05-24T08:42:33-05:00May 24th, 2019|FHA, Social Media Posts|

When you apply for your mortgage loan, resist the urge to buy new furniture, a car or other added debt as the lender may pull a credit report right before closing to see if you acquired more debt, which could result in an issue getting your mortgage financing! Questions? Call me first!

Related Article Title – FHA- Credit Pulls Prior to Closing: Does FHA require a credit refresh or a soft pull at the end to be sure he hasn’t incurred any new debts? Answer: FHA does not have a requirement to re-pull credit automatically right before closing, but they do require it when there are inconsistencies [...]

2019-05-24T08:42:24-05:00May 24th, 2019|FHA, Social Media Posts|

FHA – Proving 6 Months of Residency for Identity of Interest: What documents can I use to prove the 6-Month residency requirement for a borrower buying a family home from a trust? NEW MTP™- Identity of Interest – Who Can Exceed the LTV Limits?

Answer: The guidelines are clear that the borrower must have been living in the property for six months prior to the sales contract date.  The guidelines do not have a list of required documents, only that the lender must verify that the borrower must be a tenant of the property in order to exceed the [...]

2019-05-23T16:56:36-05:00May 24th, 2019|

FHA- Credit Pulls Prior to Closing: Does FHA require a credit refresh or a soft pull at the end to be sure he hasn’t incurred any new debts?

Answer: FHA does not have a requirement to re-pull credit automatically right before closing, but they do require it when there are inconsistencies between any information in the mortgage file and the original credit report. That said, you may want to discuss this situation with your management regarding your company procedures, as some lenders may [...]

2019-05-23T13:02:57-05:00May 24th, 2019|