As a processor, I know that a VA Termite inspection report is normally good for 90 days only. Are there situations and/or instances where this time period may be extended?

When a veteran is buying a condominium, do the same termite inspection guidelines apply? Should the processor follow the same guidance for obtaining a termite inspection report as they would....

When processing a VA loan, it is a requirement for a termite inspection to be obtained for “very heavy” or “moderate to heavy” termite infestation areas. Can you use the existing....

On an FHA rate term refinance, guidelines state that the maximum LTV is 97.75% for an owner-occupied residence. In what instance would the MAX LTV differ?

The borrower just started a new job and his paystubs reflect his car allowance simply as “expenses”. What needs to be obtained to prove that this is the same as the “Car Allowance”....

The borrower’s credit report reflects that an American Express 30-day charge account that the borrower states he pays off monthly. How would a processor derive a payment for this type of account?

Is a borrower allowed to Payoff or Pay down a debt simply for qualifying purposes?

If an employer pays a borrower an automobile allowance on their own personal vehicle for gas, car maintenance and other auto expenditures, can this be considered a source of income?

If the borrower has someone living with them as a boarder, can this income be used to qualify?

The borrowers disclosed in the application process that they were unable to pay last year’s income taxes in full and are paying the IRS monthly to repay these taxes. Does this need to be....

The borrower was unable to supply sufficient assets to close so a co-borrower was added to the application. The co-borrower is a non-occupant and is providing the assets for the down payment....

The borrower does not have any available cash on hand for closing costs and down payment but he does carry a life insurance policy. Can he borrow against the policy or surrender it for cash value....

The borrower gets “Reward Points” for the purchases that he makes on his credit card. If these can be converted to cash, are they an acceptable source of down payment, closing costs and any....

Regarding FHA’s requirement for lead paint, if the appraiser finds peeling or cracking paint, does the entire home have to be repainted?

When the home was appraised, there were some minor repairs required to be completed thus requiring a final inspection. If the original appraiser is legitimately unable to complete....

The borrower co-owns a rental property with her sister. She is applying for a new mortgage and does not qualify with this rental payment. She is choosing to proceed with a property “buy-out”....

A self-employed borrower has just turned in his lease vehicle and opted to purchase rather than lease a new vehicle. This truck is used by the business and the payment is made by the....

Due to minimal credit usage, the borrower has to use non-traditional credit to qualify. He lives with his parents and pays utility bills in lieu of a formal rent payment. How should this....

The borrowers are currently living in an apartment and their lease does not expire until 6 months after closing. Do the remaining Lease payments or a “Lease Buy-out” fee have to be included as....

The borrowers bought new furniture for their home, but payments are deferred for one year. They are planning to pay the balance off before any payments begin. Does any payment need to be....