Friday FAQ's!

  • We are purchasing a condominium.  It is a 2-unit condo.  The seller tells us there are no condo docs - what does this mean?  Since there is technically no association, how do we properly insure the property?   More than likely, there are recorded declarations somewhere.  In order for the property to be recorded as a condo, there have to be condo docs.  The seller may not be the first owner of the property to know where they might be.  They can be found with the title search and are required to warrant the condo.  As far as insurance coverage, you would probably obtain an HO3 policy.  You and the other condo owner would need a combined liability coverage of $1,000,000.  You may either each carry $500,000 or you may purchase a single policy and split the premium.     
  • I have a VA loan, I would like to refinance with an interest rate reduction loan.  I was told I needed an appraisal, do I?  No you do not.  Investors or some investors have now relaxed on the appraisal requirement rule for VA IRRLs.        
  • With our home purchase, we are getting a gift for down payment.  We are financing FHA, what do you need from us?      Currently, we need a gift letter, a bank statement from you showing the gift deposited and a copy of the canceled check that was the gift.  This changes with the updates to FHA in June.  The process will be more involved and a bank statement from the donor will be required.   

Please feel free to contact me with any questions you might have.  I look forward to working with you and your clients.  Please remember, I am licensed in Virginia, North Carolina and Florida.

Jennifer Keenan, Sr Mortgage Consultant, NMLS# 101837

Tidewater Home Funding,  757-272-4199