Modular, Prefabricated, Panelized, or Sectional Housing Requirements

Financing Modular Homes Factory-built housing such as modular, prefabricated, panelized, or sectional housing is not considered manufactured housing and is eligible under the guidelines for one-unit properties. These types of properties must: be built of the same quality of materials as and assume the characteristics of site-built

Read more

Business Debt in Borrower’s Name

Business Debt in Borrower’s Name – calculating debt ratio When a self-employed borrower claims that a monthly obligation that appears on his or her personal credit report is being paid by the borrower’s business, the lender must confirm that it verified that the obligation was actually paid

Read more

Appraisal Waivers Cash Out Refinance

Appraisal Waivers For certain loan casefiles, DU offers an appraisal waiver – an option to waive the appraisal requirement. For loan casefiles that are not eligible for an appraisal waiver, DU will require an appraisal reported on the appropriate appraisal report form for the type of property

Read more

FHA Non-Occupying Co-Borrower

FHA Non-Occupying Co-Borrower Transactions For Non-Occupying Borrower Transactions, the maximum LTV is 75 percent. The LTV can be increased to a maximum of 96.5 percent if the Borrowers are Family Members, provided the transaction does not involve: a Family Member selling to a Family Member who will

Read more