Knox Consulting Services

California First Time Home-buyers, government programs are available to help you with affordable home-ownership by offering a low, fixed interest rate and Down-payment Assistance for eligible borrowers. The program I'm most excited about is CalHFA FHA Loan Program, currently offering an interest ...

Question: Borrower was unemployed for a year, but prior had strong work history. He has been back to work for over 7 months in the same field. Can we use his income to qualify? Response: Since the borrower has been back to work for 6 months or more then he should be eligible to borrower money giv...

Question: Is a borrower required to have landlord experience to use rental income to qualify on the subject property? Response: Depends, Fannie Mae does not require the borrower to have experience managing rental properties; however, several investors do have the requirement. Please check with th...

Question: My borrower defaulted on her student loans: does she have to pay them off on a FHA Loan? She also has a judgment: does that need to be paid off as well? Response: For both the delinquent federal debt and the judgment, the borrower must either payoff the delinquent account OR she must do...

Realtor asked: Is it Ok that the Seller be put on Title before we close on our transaction? Response: No, the seller must be on title when the contract is written as well as when the appraisal and Prelim are order. Lenders typically require Title to provide a satisfactory 24 month chain of title ...

Borrower asked: I want to use assets from my trust for the cash I need to close and satisfy reserve requirements; what documentation is required? Response: To use the trust funds for the transaction, lenders most likely will require written documentation of the value of the trust account from eit...