Steve Kyles Legacy Mutual Mortgage

1. FHA Mortgage BREAKING NEWS
Steve Kyles Legacy Mutual Mortgage

2. APPLICATION
DOCUMENT EXPIRATION
SIGNATURES
UP FRONT DOCUMENTS
Existing AND New Construction documents expire in
120 days at Disbursement Date (previously Loan
Closing). Disbursement date is defined as the date
the proceeds of the Mortgage are made available
to the Borrower
All borrowers must sign BOTH the initial and final
application and HUD/VA Addendum. (Exceptions for
Active Duty Military and Incapacitated Borrowers
Request a copy of the survey upon receipt of the execut-
ed contract and see when the title commitment or
abstract will be available for inclusion in documents provid-
ed to the appraiser

3. CREDIT
DEFERRED OBLIGATIONS (INCLUDING FORBEARANCE)
MUST BE INCLUDED IN THE BORROWERS LIABILITIES
DEBTS LASTING LESS THAN 10 MONTHS
REVOLVING CHARGE ACCOUNTS
30 DAY ACCOUNTS
Verify the terms loan. For student loans if the creditor will not provide a
payment or indicates the payment to be zero calculate a payment
based on 2% of the outstanding balance
Must be included if the remaining cumulative payment are less than or
equal to 5% of the borrowers gross monthly income (debts may not be
paid down to achieve this percentage)
If not indicated on the credit report use the payment on the state-
ment or 5% of the outstanding balance (no $10 minimum)
In order to not include a 5% payment in the debt ratio, evidence must
be provided that the borrower had paid the debt in full every month
for the previous 12 months.

4. VA Mortgage BREAKING NEWS
Steve Kyles Legacy Mutual Mortgage

5. ELIGIBILITY
VETERAN AND THEIR NON-VETERAN SPOUSE
TWO VETERANS WHO ARE MARRIED TO EACH OTHER
WHERE ONLY ONE VETERAN WILL BE USING ENTITLEMENT
TWO VETERANS WHO ARE MARRIED TO EACH OTHER
WHERE EACH VETERAN WILL BE USING ENTITLEMENT
UN-REMARRIED SURVIVING SPOUSE OF AN ELIGIBLE
VETERAN WHO DIED DUE TO SERVICE-CONNECTED INJURIES
SPOUSE OF AN ACTIVE-DUTY SERVICE PERSON WHO
HAS BEEN LISTED AS MIA OR POW FOR MORE THAN 90 DAYS
THE VETERAN MUST HAVE BEEN HONORABLY DISCHARGED.
Dual Entitlement – Contract takes about 60 days. Process
is longer with the VA.

6. ELIGIBILITY
CERTIFICATE OF ELIGIBILITY
Need to request this up front.
This affects a veteran’s funding fee and qualification for the loan.
Once the veteran or lender requests the COE through the website, turn-around
time is about 14 days. (If one does not already exist)
Simultaneous closings/COE restoration
Bonus Entitlement -usually requires down payment, but depends on the city
and state of the purchasing home.
If Entitlement needs to be restored, COE must be updated if closings are more
than 7 business days apart. It can take 14 business days to get a new COE. If the
closings are less than 7 business days apart we need the final signed HUD from the
sale. We can then send that over to the VA and show evidence we requested restoration.