Q&A - March 25, 2016

FHA Bankruptcy: How soon after a bankruptcy can a client buy a home?

[Chart/Checklist – Agency Comparison – Derogatory Credit Wait Periods] Answer: FHA helps those who want to own a home get back on their feet after bankruptcy. Call me for details. TOTAL Scorecard will ‘Refer’ the loan if the discharge happened within the last 3 years, which will mean a manual underwriting. But manual underwriting guidelines [...]

2018-02-05T11:22:49-05:00November 3rd, 2017|

FHA Streamline-Condo Approval: Can a borrower use the FHA Streamline Refinance on a property that was an FHA approved condo, but is no longer on the condo approval list?

Answer: FHA will still allow a Streamline Refinance for a property that used to be an approved condo but is no longer an approved condo. Call me! Yes. See the guideline below from the Condominium Project Approval and Processing Guide. 3.12 FHA-to-FHA Transactions (06/30/11) Project approval is not required for FHA/HUD Real Estate Owned (REO) [...]

2017-12-27T13:05:22-05:00November 3rd, 2017|

Property with Solar Panel Liens: How does a solar firm’s lien on a property affect the homeowner when refinancing or selling?

Answer: Reference: B2-3-04, Special Property Eligibility Considerations (02/23/2016) Properties with Solar PanelsFannie Mae will purchase or securitize a mortgage loan on a property with solar panels. If the property owner is the owner of the solar panels, standard eligibility requirements apply (for example, appraisal, insurance, and title). If the solar panels are leased from or [...]

2017-12-27T13:05:22-05:00November 3rd, 2017|