Q&A - September 25, 2016

Non Allowable Fees: I am confused by which fees are allowed to be charged to a Veteran and which ones are not. Can you clarify this? Download VA Chapter 8 – Allowable Borrower Fees.

Answer: If you are selling a property to a Veteran using VA financing, it helps them out a lot to get a seller credit. Non-allowable fees to the veteran are just that — non-allowable fees. The seller or lender can pay them, but they cannot be charged to the Veteran. The new TRID forms have [...]

2018-10-28T15:18:13-05:00November 3rd, 2017|

Self Sufficiency Eligibility: When calculating the Self Sufficiency Eligibility, is the MI portion of the payment included?

Answer: Yes, ‘insurance’ also includes Mortgage Insurance Premium (MIP) as per the guideline below. Reference: Online 4000.1, II, A, 5, d, vii Self-Sufficiency Rental Income Eligibility (a) Definition-Net Self-Sufficiency Rental Income refers to the Rental Income produced by the subject Property over and above the Principal, Interest, Taxes, and Insurance (PITI). (b) Standard-The PITI divided [...]

2017-12-27T12:25:44-05:00November 3rd, 2017|

Refinance – Equity Split in Divorce: Is pulling equity from a home, to give to an ex-spouse as part of their agreement, a cash-out or rate/term refinance?

Answer: Assisting your clients who are going through a divorce can be tricky. Give me a call before any major decisions are made. It’s a cash-out if you do it before the divorce decree is final. It can be done as a rate/term if you have a final divorce decree that shows the court-awarded equity [...]

2017-12-27T12:25:44-05:00November 3rd, 2017|