September 2017
MortgageCurrentcy.com Question and Answer

View The Latest Rules Issue

 
Compliance

Compliance - Reg B - Notice of Incompleteness: What are the rules for action on a notice of incompleteness when the borrower does or does not respond?


 
Fannie Mae/Freddie in Brief

Fannie Mae & Freddie Mac - Decreasing Commission Income: If a borrower has decreasing commission income, do we simply average the last two years?


 
Fannie Mae

Fannie Mae - Cash-Out Refinance - Paying off Student Loans: Does Fannie Mae permit a cash-out refinance for the purpose of paying off student loans?

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Fannie Mae - Pension Income: How many years of 1099’s does Fannie require to document pension income? MC Chart-Rules for Qualifying for a Home with Retirement Income and [Download Charts, Rules for Qualifying for a Home Using Retirement Income AND Sources of Income that Do Not Require Verification of Expiration Date]

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Freddie Mac

Freddie Mac - HomePossible® - Income Limits in Disaster Areas: If an area is declared a disaster area, does Freddie waive the income limits for HomePossible®?


 
FHA

FHA & USDA - Unreimbursed Business Expenses: What is the USDA policy on Form 2106 Unreimbursed business expenses when a borrower is salaried with no commission?


 

FHA - Non-Borrowers on Contract: Does FHA require all purchasers on the sales contract to be borrowers?


 

FHA - Proximity to Electrical Towers: What is the guideline for a home that is an “unsafe distance” from an Electrical tower?


 
VA

VA - Length of Employment: How long must a recently discharged veteran be at a current job in order to count the income?


 

VA - Property Restrictions - Mixed Use: What is the percentage of commercial space to residential space for a VA property?


 

VA - Seller Credits Exceed Closing Costs: What will VA allow us to do with excess seller credit when the credit exceeds the closing costs and there is no down payment? [Download Chart - VA Borrower Fee and Expense Matrix]

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USDA

USDA - Maximum Assets to Still Qualify: What are the maximum assets that a client can possess without triggering a traditional conventional credit loan?

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