Purchaser Power of Attorney

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Commonly Asked Questions about Purchaser Power of Attorney

Can you use a poa on a cash out refinance?

Powers of Attorneys are not acceptable for the following types of transactions: FNMA Conventional Cash-out Refinance transactions. Inter-vivos Revocable Trust loans.

Can you use a POA on an FHA loan?

A general Power of Attorney is only acceptable on Conventional LP loans, USDA loans, FHA loans, and VA loans. See VA Program Requirements below. Must contain powers to enter in real-estate transactions with specific ability to mortgage, encumber and execute loan documents.

Can a power of attorney sell property in Florida?

Yes. If the power of attorney has been executed with the formalities of a deed and authorizes the sale of the principals homestead, the agent may sell it. If the principal is married, however, the agent also must obtain the authorization of the spouse.

What is a power of attorney for property in the US?

A power of attorney for real estate is a simple legal document that allows you to give someone the authority to buy or sell real estate for you, or to conduct any other business involving real estate that you own.

What is the rule for cash-out refinance?

In general, lenders will let you draw out no more than 80% of your homes value, but this can vary from lender to lender and may depend on your specific circumstances. One big exception to the 80% rule are VA cash-out refinances, which let you take out 100% of your existing equity.

Can I pay off my house with a cash-out refinance?

Cash-out refinance gives you a lump sum when you close your refinance loan. The loan proceeds are first used to pay off your existing mortgage(s), including closing costs and any prepaid items (for example real estate taxes or homeowners insurance); any remaining funds are paid to you.

Does Fannie Mae accept POA?

A power of attorney (POA) is a legal document giving one person (described below as the agent) the power to legally bind another person. Loans with documentation executed by an agent on behalf of the borrower under a POA are eligible for delivery to Fannie Mae if all requirements referenced in this Guide are met.

What is a stock power of attorney?

What Is Stock Power? Stock power is a legal power of attorney form that transfers the ownership of certain shares of a stock to a new owner. A stock power transfer form usually is only required when an owner opts to take physical possession of securities certificates, rather than holding securities with a broker.