It is Friday again! One week into CFPB/TRID, and I hope this finds you well. Great questions this week. Here we go!
- You have previously prequalified one of my buyers for new construction. Now that TRID is in force, will this affect my buyers? TRID was effective October 3,2015, with new applications on or after that date. Any applications prior to that date will close under the previous HUD rules.
- I had a "cost to cure" on a previous HUD of mine. Why? There was some type of closing cost that was either not disclosed or not disclosed properly. Certain closing costs must be estimated within a certain percentage of the actual cost.
- I am intere4sted in an interest only program. People keep telling me they do not exist anymore. Do you have one? As a matter of fact, we do! It is a 5/1 interest only ARM. The program can be used for primary and second homes.
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.