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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.
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