Fannie: Compensating factors. Do you have a current list of what FNMA accepts as comp factors? Fannie does not provide a list of compensating factors. There is a Comprehensive Risk Assessment Worksheet that gives guidance for manual underwriting which might help however. * Reserves: the more the better, but at > 6 months and [...]
VA Assumable Loans: Is an existing VA loan assumable, and does it have to be a veteran that assumes it? Yes. VA loans are assumable. They can be assumed by either a Veteran or a non-Veteran. The current Veteran’s eligibility will continue to be “tied up” with the loan, however, unless the person assuming the [...]
I’ve recently seen ads on TV where mortgage companies have NOT been following the REG Z advertising rules. Now, Dodd Frank has tacked on the “Mortgage Acts & Practices” rules, that in addition to Reg Z, has defined who it applies to, recording keeping, what you can and cannot say, write about, advertise [...]
Maybe you know the answer—or maybe not! Some of the answers may even help you put together deals that you never thought had a snowball’s chance… (The answers are extracted from the guidelines and do not cover lender overlays.) FHA: Does FHA require 30 percent equity like FNMA to count 75 percent [...]
I have a friend who manages 12 apartment complexes. He has tracked the turnover rates of tenants and year in and year out, 62% of the tenants move after one year. Another 28% move out after the 2nd year and the remaining percentage live in the complex 3 years or more. His statistics are backed by a survey conducted by apartment managers all over the US.
One more statistic before I bore you to death?the National Association of Realtors
A lot of people don’t...
