October 2017
MortgageCurrentcy.com Question and Answer

View The Latest Rules Issue

 
Compliance

Compliance - Right to Receive Appraisal: Can you please clarify for me when we must send out the "Right to receive a copy of the Appraisal"?


 
Fannie Mae/Freddie in Brief

Fannie and Freddie - No Credit Score: Will Fannie and Freddie approve a borrower with no credit score?


 

Fannie Mae - Freddie Mac - Gift Funds: Can a borrower receive a gift from a friend? [New MC Chart - Gift Funds and Gift of Equity All Agency Reference]

Supporting Resources:

 
Fannie Mae

Fannie Mae - Gift Documentation: What are the documentation requirements when using a gift for a Fannie Mae loan? [New MC Chart - Gift Funds and Gift of Equity All Agency Reference]

Supporting Resources:

 

Fannie Mae - Gift Funds from Business Account: Can gift funds from a donor’s business account be used? [New MC Chart - Gift Funds and Gift of Equity All Agency Reference]

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FHA

FHA - No Credit Score Borrower: Can a borrower with no credit score get an FHA loan?


 

FHA - LTV - Identity of Interest: If a client is purchasing a family member’s primary residence, are they exempt from the 85% LTV limit under Identity of Interest? [Includes New Mortgage Talking Points™ flyer, FHA - Who Can Give a Gift]

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FHA - Retirement Income: If someone recently retired, but has not started receiving their retirement income, how do I verify that income? [MC Chart - Rules for Qualifying for a Home Using Retirement Income]

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FHA - Work Visa Status: Will FHA allow a borrower with “asylum status”?


 

FHA - Self Sufficiency - Multi Unit Property: How does FHA determine “self-sufficiency” for multi-unit properties?


 

FHA - HECM: Can an unmarried borrower obtain a Reverse Mortgage and protect the rights of occupancy of their lifelong partner?


 

FHA - Divorce Liability - Former House Payment: Must a house payment be counted against the divorced person, when the final divorce decree obligates the former spouse? [MC Chart - Divorced Borrower Topics]

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FHA - Auto Lease Payments: If an auto lease payment has less than 10 months, can we omit the payment from the DTI?


 

FHA - Acceptable Gift Funds: Who can give a gift on a FHA loan? [Includes New Mortgage Talking Points™ flyer, FHA - Who Can Give a Gift]

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