Mortgage News

Friday's FAQ's!

October 11th, 2013

Hello, again!  It is FRIDAY!  Time for Friday FAQs!  Interesting addition today, and I hope you enjoy.  Lots of great questions this week.  Please feel free to send in your questions.  Here we go...

  • What does this government shut down mean to me.  We are supposed to close early November, and we are not using a government program, will any of this affect us?  The only delay would be obtaining tax transcripts.  As part of "Red Flags" and "Anti-Fraud", we now pull two years of federal tax returns per our investor requirements.  This used to be something that was only pulled as a quality control measure - now, it is every file.  These come from the IRS.  Once we have some direction on when this is going to end, we will receive a directive from the IRS as to their turn times and how long it will take them to catch up.
  • I am interested in refinancing my home.  I am active duty, so I have VA eligibility.  I was stationed overseas and just returned.  My parents bought the house for me while I was gone, and I would like to refinance and pay them back.  They used a credit line from their business to buy the property.  They just bought the house in August of this year, can I do this now or do I have to wait?  VA does not have a seasoning of title requirement.  However, there does need to be a recorded note against the property.  If your parents recorded a note against the property, and you are on title.  You may refinance up to 90% of the appraised value.  If you wait until you have owned the property 6 months, there is another program that will allow you to borrow up to 100% as long as you are paying off debt on the property.            
  • We are looking at purchasing a condominium.  We are told it is non-warrantable, we understand why.  But, are we able to obtain financing for this type of property?  As a matter of fact you are.  Our banking partner offers a 5/1 or 7/1 ARM for this exact property type.  You may borrow up to 89.9% of the purchase price.  I would be happy to provide you with more details.   

      

Please feel free to contact me with any questions you might have.  I look forward to working with you and your clients.    

 

 

   

 

Focus on Your Future

Please click on the following link for an article from David Stephens, a financial representative with Stephens & LaRoche Financial Partners, LLC, who represents MassMutual and other companies.

 

"Five Tips For Your Better Financial Future"

Courtesy of Massachusetts Life Insurance Company (MassMutual)

For more information about Stephens & LaRoche Financial Partners visit www.StephensandLaroche.com

              

 

Tidewater Home Funding

Tidewater Home Funding, LLC NMLS# 41552
(www.nmlsconsumeraccess.org).
Equal Housing Lender.

Licensed in Virginia, North Carolina & Florida.

VSCC Bureau of Financial Institutions, P.O. Box 640, Richmond VA 23218-0640, (1-800-552-7945) www.scc.virginia.gov/bfi

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