Written By: Glenn Michaels
Recently in the news were photographs of different locations in the United States that had an inordinate amount of rain resulting in flooding. In addition numerous tornadoes are hitting various places in the United States and we are now in hurricane season (June 1 to November 30). If a location of the United States is declared a “presidentially declared federal disaster area” and the borrower’s home was materially damaged or destroyed the homeowner and/or tenant(s) can buy another dwelling using the 203(h) section of the act.
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Written By: Bonnie Wildt
I have said it before and I will say it again and that is, do not believe everything you hear or read for that matter. In this particular instance I am referring to AUS Findings. I have had countless conversations with processors and loan officer who want to know why I am asking for documentation that the AUS findings have clearly stated wasn’t needed or worse, they can’t believe I am turning a loan down that has an Approve/Eligible. So here it is again and pay particular attention to the details because just because you have an Approve/Eligible or Accept doesn’t necessarily mean you have a done deal.