I promised you I would follow up on recent loan guideline changes.
In the last blog post I covered recent changes in conventional loan guidelines.
Here are exciting changes in the government loan guidelines.
…They might just help you get a mortgage!
1) For FHA, VA, and USDA loans: Property can now be listed for sale during the process of refinancing your home!
2) FHA: Log homes are allowed.
3) Properties on a privately maintained road no longer require a recorded private road maintenance agreement.
4) FHA streamline transactions with a term reduction are allowed if the loan meets the Benefit to Borrower Requirement. (used to not be able to reduce term)
5) VA: Only 2 year seasoning on a foreclosure.
6) USDA appraisals are now good for 6 months.
That’s it for today!
Brett
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