CFPB Takes Action Against Mortgage Lender for Cheating Homeowners out of CARES Act Rights – Dated November 17, 2022
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VA Circular 26-22-17 [Private Roads & Shared Driveways], November 25, 2022, Effective November 25, 2022
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Fannie Mae – DU Release Notes DU Version 11.0 – Dated December 5, 2022 – Effective December 10, 2022
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FHA 2023 Loan Limits, Mortgagee Letter 2022-20, December 1, 2022, Effective January 1, 2023
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Fannie Mae Appraiser Update – Dated September 2022
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Freddie Mac Bulletin 2022-25 Various Updates with an Important Cash-Out Refinance Change
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VA- 2023 Conforming Loan Limits, Circular 26-22-18, December 5, 2022, Effective January 1, 2023
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USDA Rural Development updates HB-1-3555 “Credit Analysis” and Property and Appraisal Requirements and Form RD 3555-21- Request for SFH Loan Guarantee
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I’ve heard the term “Departing Residence” on a real estate blog. What does that mean? A departing residence is the home that you currently own. Sometimes, clients choose to rent out that home versus selling it when purchasing another home. Home loan programs vary as to how the rental income on your departing residence will be counted to offset your present loan obligation. That’s why it’s important to talk about your situation first, before looking at new homes. Let’s talk and I’ll help you review those options.
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Who should be on a home sales contract? Some of my clients are fortunate to have family members that help them buy a home by co-signing on the loan. The question is often asked, who should be on the sales contract? If a non-occupant co-borrower is not going to take title to the property, then they are not a buyer and are not on the sales contract. If they are on the sales contract, then they would be included on the title.
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Seller Funded Temporary Buydown Payment Disclosure
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2023 Loan Limit Increases
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VA – Number of Years of Tax Returns Required
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USDA – Client Has Not Filed a Tax Return
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FHA New Construction Appraisal – Verifying “Subject to Completion of Plans & Specs”
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