Thanks Dave. Yes, I've submitted the loan to underwriting, but I don't have the 100% confidence that I do on other loans I submit. While I'm happy to hear you also believe it meets Fannie guidelines, there may be an internal overlay condition that could trip me up. But it's good to know that if I can't get it done, I can refer it out. Phil, yes I'm aware of the tax implications. A discussion of this topic with the homeowner is the cause of him entering a loan application. For him, a profitable stop at the local pub, and a chance encounter with a Loan Officer in the bar stool next to him. He had planned to wait a year or two before placing any kind of financing on the home.
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