Can anyone other than the spouse be added to title if they are not on the loan?

See the answer below directly from VA:

 No - a spouse can be added to the title.  However, if a non-spouse (mother, father, significant other, etc) is put on title, it becomes a vet/non vet loan and if caught, we will reduce the guaranty to 1/2 the purchase price and applicable funding fee.  Or, in some cases, the loan was not eligible for guaranty and guaranty is cancelled.

self employed worksheet

Here is a tool from Freddie to help with the self-employed borrower:  http://www.freddiemac.com/learn/lo/forms/form_91.html

Financed MI-please note that investors have a total LTV cap for these (the product maximum).  For example, PHH, US Bank and ST will not exceed 95% total LTV on a standard purchase for a 1-unit primary.  On this scenario, Lake Michigan allows up a total LTV of 97%.  Second homes through DU would be maxed at 90% total LTV.  Investment is not eligible for financed MI.

VA Jumbo Loans

US Bank, VA loans-They do not allow property flips inside of 90 days.  Please also remember their higher guaranty requirements (higher down payments than normal) on VA loans >417K (the pricing engine cannot account for this)

April 2012 Updates:

-          Our rate is 3.5% on 30-year fixed rate loans (slightly higher if using the 0% $8,000 DAP).

-          Do you offer FHA 203(k) loans?  We now allow our $8,000 DAP to be combined with eligible 203(k) loans and FirstHome.  Our website has rates for the 203(k) program as a new feature!

-          $14,900 down payment funds for foreclosures/REOs.  We still have some remaining funds from the NSP program – a 5-year forgivable loan for buyers of foreclosed properties.  Contact us
            for eligibility guidelines, counties, and program details.

-          We offer Recapture Reimbursement for FirstHome borrowers who may worry about the possibility of recapture (recapture doesn't impact most borrowers).  A copy of the Memo is on our website
            at www.nchfa.com.   Please feel free to share with your borrowers who might worry unnecessarily about recapture.

-          Tax credits up to $2,000 a year – learn more about our Mortgage Credit Certificate Program?  Download the MCC Manual from the “lenders” section of our website. The MCC program is a great benefit for
            veterans and first-time home buyers!

-          Credit scores down to 600!  (650 if using DAP).

-          Our underwriting turn times are 24/48 hours!

Thank you again to everyone who uses our programs – we appreciate it!  Feel free to reach out to us if you would like help with a loan, explaining our program to a borrower, or answering any questions.

Best regards,

Rob Rusczak, Manager of Home Ownership Lending

Underwriter Contacts:

Donna Pruitt (dmpruitt@nchfa.com)
Cathy Hatcher (chatcher@nchfa.com)
Kat Driscoll (kjdriscoll@nchfa.com)

VA Seller concession wording

“Seller to pay $_________ (or __% of sales price) to be used at buyers’ discretion and / or as loan product guidelines allow.”

I recommend this to my agents for all type loans.  This will allow the buyer to utilize the funds in any way they choose and will cover the below items easily:

• Closing Costs
• Discount Points
• Prepaids
• Condo Fees for up to 12 months on FHA loans
• Debt reduction / pay off on VA loans
• Home Warranty Purchase if left over funds exist
• Reimbursement of Home Inspection costs if left over funds exist (you must obtain the cancelled check and invoice).

Future Employment

US Bank Rule for Future income


Income from New Job: Allowed only on Purchase transactions of 1-unit primary residences only. Future income must be documented with a formal offer/contract from the new Employer stating all pertinent information (start date, salary, etc.) This offer must be non-contingent. It must be signed by the employer & accepted by the borrower. Borrower must start new job within 60 days of closing. Must have reserves equal to 6 months PITI of new loan. A Verbal VOE within 10 days prior to closing verifying terms of contract have not changed will be require

Mortgagee - HUD

Mortgagee - HUD

HUD/U.S.

HUD/U.S.