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Fannie Mae will no longer require a borrower “name match” for a prior appraisal when determining if an appraisal can be waived.

Related Article Title: Fannie Mae – FAQs for Appraisal Waivers – Dated June 24, 2019 – NEW MTP™ – Fannie Mae Properties Eligible for Appraisal Waivers Written By: Lloyd Rutherford, Staff Writer Appraisal waivers are fantastic if your file qualifies for them! Keep up to date with this most recent FAQ from Fannie Mae on this [...]

2019-07-09T11:34:28-05:00July 10th, 2019|Fannie Mae, Social Media Posts|

Big News! Freddie Mac has eliminated the “no income limit” for the low to moderate census tract properties! There is a small window of opportunity to use this option so call now if you want to take advantage of this!

Related Article Title: Freddie Mac Selling Guide Updates – Bulletin 2019-15 – Dated June 20, 2019 – Effective July 28, 2019 Written By: Lloyd Rutherford, Staff Writer Heads up if you work with the HomePossible® Program. This update will dramatically affect loans in your pipeline or some of your buyers who may be currently shopping for [...]

2019-07-09T11:30:11-05:00July 10th, 2019|Freddie Mac|

When it seems like you can’t find the right home, a fixer-upper may be a great solution! Contact me for some great solutions to help you finance the fixer-upper and renovate it at the same time!

Related Article Title: Freddie Mac Selling Guide Updates – Bulletin 2019-14 – Dated June 19, 2019 – NEW MTP™ Freddie Mac ChoiceRenovation® Program. Written by: Lloyd Rutherford, Staff Writer More options for those of you in markets with lower inventory! Check out the new updates in Freddie Mac’s renovation program. I think you’re going to like [...]

2019-07-09T11:45:05-05:00July 10th, 2019|Freddie Mac, Social Media Posts|

If a borrower has a primary source of income and also owns a small company as a second source of income, we are not required to count business losses from the borrower’s self-employed job against them. This is important to know if you’re still working and trying to build a company on the side.

Related Article Title: Fannie Mae – Business Losses – Secondary Employment: My borrower is qualifying on his IRA income but has a secondary business with large losses. Do I need to count those losses against him? Answer: No, please see the highlighted text from the guidelines below. Reference: B3-3.2-01, Underwriting Factors and Documentation for a [...]

2019-06-24T10:09:14-05:00June 25th, 2019|Fannie Mae, Social Media Posts|

When purchasing a multi-unit property, FHA does not specify which unit can be used as rental income; however, the underwriter will review the unit sizes in comparison to the family size to determine if it makes sense.

Related Article Title: FHA – Qualifying Rental Income on 2-Unit Property: Does FHA specify that the smaller unit must be used when qualifying a borrower with rental income? Chart-Rental Income Requirements – All Agencies Answer: No. FHA does not require that the smaller unit be used for qualifying purposes. That said, expect an underwriter to [...]

2019-06-24T10:10:09-05:00June 25th, 2019|FHA|