About brettbutler

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So far brettbutler has created 6 blog entries.

Would you like a reference chart on the minimum standards required for water tests? Post below if you’d like a copy.

Answer: How to document a file for guideline compliance is ultimately up to the FHA-approved lender. However, I do not know how a lender could comply with this guideline without requiring a water test or a written statement from the local authority with jurisdiction over the water systems that the water has been tested and [...]

2018-01-12T10:02:42-05:00January 9th, 2018|FHA|

On conventional loans; rental income from a client’s current home can be used to offset the payment on that mortgage, which makes it easier to qualify for their new mortgage.

Answer: If a client wants to keep their present home and buy a new one, they can use rental income to offset the debt on their old mortgage. Both Fannie Mae and Freddie Mac are exactly alike in both scenarios. If vacating the old home and renting out, you can use lease agreements: take 75% [...]

2018-09-25T10:15:28-05:00January 9th, 2018|Fannie Mae/Freddie in Brief|

If you are working with clients who have outstanding student loans, FHA, VA, USDA and Conventional underwriting rules differ on how to figure the monthly payments. It could either make or break a loan approval. Post below if you’d like more info and a handy comparison chart.

Download: Student Loan Repayment Chart – FHA/VA/USDA/Fannie/Freddie (updated 8-29-2018). Answer for FANNIE: Fannie Mae (DU) does not accept the IBR even if it is reported on the credit report. Answer for FREDDIE: However, Freddie Mac does provide a loophole in their selling guide clip below. Notice that if the loan is reporting on the credit [...]

2018-12-14T13:43:50-05:00January 9th, 2018|Universal Topics|

Freddie Mac announces that they will now accept stock income, including restricted stock or restricted stock units. Contact me for details on using this income to qualify!

Rule Synopsis: [tweet-start]Freddie reduces owner occupancy requirements on new condos from 70% to 50%. New opportunities exist so call me![tweet-end] [tweet-start]Freddie will now accept restricted stock income and restricted stock units, keeping up with the way many employees now receive income.[tweet-end] Freddie Mac makes changes to their selling guide related to assets, stocks (including restricted [...]

2019-01-15T15:57:29-05:00January 9th, 2018|Freddie Mac|