Lender & Realtor FAQ
Are co-signers allowed?
Yes, as long as co-signer does not occupy the property.
What are the down payment requirements?
Standard underlying investor requirements (VA, FHA, FNMA, and RHS).
Can Payment$aver or HELP be utilized with Mortgage$aver Plus?
No. Mortgage$aver Plus is used for down payment assistance.
What is the turnaround time?
Compliance:
1st - 20th: Maximum of 3 days
21st - End of Month: Maximum of 5 daysPurchase:
12 business days.
Are mobile homes O.K.?
Yes, as long as they are permanently attached to the foundation.
Does my client have to purchase in a certain area?
As long as the home is in the state, there are no restrictions on the area where you purchase (rural or not).
What kind of property do I qualify for?
We do not finance duplex, triplex, etc. but condos are O.K. Also, the property can not have more than one kitchen.
What is a first time home buyer?
A first time home buyer is someone who has not owned and occupied as their primary residence within the last three years. The location of the home does not matter.
