Q&A - February 25, 2017

(USDA) Condo Approval: When financing a condo using USDA, do you have to do a full review or is a limited review OK?

Answer: USDA condominiums only need to meet the requirements of either FHA, VA, Fannie or Freddie in order to qualify! USDA is easy on this subject. They simply require that the condominium project meet the requirements set forth by HUD/FHA, VA, Fannie Mae or Freddie Mac. The regulations specifically state the following and we have [...]

2018-10-06T20:29:07-05:00November 4th, 2017|

(FHA|VA) Disputed Accounts Rules: What are the rules for disputed accounts for FHA and VA?

[UPDATED CHART, FHA Judgment/Collections & Disputed Accounts Matrix (reviewed 2-25-2017) AND Agency Comparison – Derogatory Credit Wait Periods] Disputed accounts, judgments and collections can be confusing when obtaining mortgage financing. Call me to make it clear! Answer for VA: Disputed Accounts: Lenders may consider a veteran’s claim of bona fide or legal defenses regarding unpaid debts except [...]

2018-10-27T21:33:23-05:00November 4th, 2017|

(FHA) New Construction – Manufactured Home Requirements: What are FHA’s construction documentation guidelines for Manufactured Housing?

[UPDATED CHART – FHA New Construction Documentation Chart – effective 2-15-2017] Answer: Need more information on FHA New Construction? Contact me for updates! I have attached Chapter 12 of the Lenders Handbook for your reference. Section 12.10 is on the Minimum Property Requirements for Manufactured Housing. Download: FHA New Construction Documentation Requirements Matrix (updated 1-27-2017) Copyright – 2017 [...]

2018-10-27T21:27:54-05:00November 4th, 2017|