[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 [...]
Answer:FHA’s makes a ruling on when a termite inspection is required. Contact me for the scoop. We asked HUD to clarify the recent guidelines on this subject. Don Mayor from HUD has provided us with a ruling. Here’s what the 4000.1 states: “For existing Properties, the Mortgagee must confirm that the Property is free of [...]
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) [...]
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 [...]
U.S. Citizen: How do I verify the income of a US Citizen who works in Europe, but wants to buy a home in the U.S.?
Answer: Fannie Mae accepts foreign income when a citizen is working out of the country. Contact me for the details. Your first step is to gather their tax returns to verify that there is reportable income. Here is what Fannie Mae says about foreign income: Foreign Income Foreign income is income that is earned by [...]