June 2017
MortgageCurrentcy.com Question and Answer

View The Latest Rules Issue

Universal Topics

Universal Gift of Equity: What are the rules when a relative wants to give a “gift of equity” to another relative who is buying a home they own? [Includes Download - Who Can Give a Gift of Equity - FHA/VA/USDA/Fannie/Freddie Comparison Chart]

Fannie Mae/Freddie in Brief

Fannie/Freddie MI Insurance: What are both Fannie’s and Freddie’s rules for cancelling mortgage insurance? [Cancelling Private Mortgage Insurance - Fannie vs. Freddie]

Fannie Mae

Fannie Second-Home Requirements: Can a borrower purchase a second home with other (non-borrowing) buyers?


Fannie Parents Unable to Work Mortgage: I want to do a loan for someone who is purchasing a condo for their parent who is unable to work. What are Fannie’s guidelines?


FHA Community Water & Septic System: What are FHA’s requirements when a property is located on a community water and septic system?


Fannie Delayed Financing Option: I have a person who paid cash for a property and now wants to do a cash-out refinance. Will Fannie’s Delayed Financing Rule apply in this case?


Fannie Refi Waiting Period: Is there a waiting period to refinance a home after a person has been added to a deed in their name only?

Freddie Mac

Freddie Foreclosure Waiting Period: Has Freddie Mac has loosened its waiting period for borrowers that have had a foreclosure?


FHA Rental Income Calculations: How do you calculate what rental income to use on 2-unit and/or other owned property?


FHA Mortgage Late Payment: Does FHA allow 1 x 30 in last 12 months? Just checking because I got a DU Approve/Eligible.


VA Non-Allowable Fees: Do you have a list of VA allowable and non allowable fees? [Includes Download - VA Allowable & Non-Allowable Fees]