May 2017 Question and Answer

View The Latest Rules Issue


Compliance Co-marketing: A realtor has their own website and has offered to have our company as a preferred lender on their website. They want $150/mo. Is that considered co-marketing and what is the dollar limit we are allowed to contribute?

Universal Topics

Universal 1003 Form: When will lenders be required to use the new 1003 form?

Fannie Mae/Freddie in Brief

Fannie/Freddie Property Limits: On both Fannie and Freddie, how many properties can a borrower own that are not financed?


Fannie Mae/Freddie Close before Paycheck Received: Will either Fannie or Freddie Mac allow a loan to close before a borrower receives their first paycheck?

Fannie Mae

Fannie Solar Panels: Will Fannie allow us to finance “off-the-grid” properties off with only solar power?


FHA Cash on Hand: When is cash on hand acceptable for an FHA loan?


FHA Resold Property: What is FHA’s rule on resold property occurring between 91 days and 180 days after acquisition?


FHA Real Estate Agent as Lender: Can a real estate agent also be employed by an FHA approved lender?


FHA R-1 Visa: A borrower’s R-1 Visa expired in Dec. 2016. She has submitted her application for renewal and says that her attorney says she is authorized to work even though the R-1 visa has expired. Will she be able to get an FHA loan?


FHA Business Debt: What are FHA’s rules on how to treat business debt when the company is paying the monthly payment?


USDA Owes Back Taxes: When a client still owes Federal taxes from prior year(s, are payment plans allowed for USDA, and is there a minimum number of months payments need to be made?