Related Article Title: Fannie Mae and Freddie Mac – Agencies Announce LIBOR Index Limitations – Fannie Mae LL2019-05 and Freddie Mac Bulletin 2019-10 – both dated May 17, 2019 Written by: Lloyd Rutherford, Staff Writer With interest rates at historic lows, ARMs are not as popular as they used to be. Yet, this is big news from [...]
If only one spouse wants to be on a HomePossible® or HomeReady® loan, the lender does not need to count the income of the other spouse for income limitation purposes.
Related Article Title: Fannie Mae & Freddie Mac – HomePossible® & HomeReady®- Income Limits: If I have a married couple but only one spouse wants to be on the loan, is this acceptable for income limit purposes? 97% Financing Options Comparison – Fannie vs. Freddie Chart Answer: That should be acceptable if both work; however, [...]
Did you know that a “gift of equity” is allowed for the borrower’s down payment on the HomePossible® and HomeReady® program? This means that qualified family members can give part of their equity to the family member buying their home. Contact me for the details!
Related Article Title: Fannie Mae & Freddie Mac – HomePossible® & HomeReady®-Gift: Is a 3% gift of equity, used for down payment purposes, allowed on a HomeReady® or HomePossible® from an Aunt/Uncle? Gift Funds and Gifts of Equity – All Agencies – Chart Answer: Both agencies allow gift of equity as the source of down [...]
Fannie Mae and Freddie Mac have standardized their Condominium questionnaire form. If you need access to a copy, comment below and I’ll send it to you.
Related Article Title: Fannie Mae & Freddie Mac – Condominium Questionnaires: Do the condominium questionnaires differ between Fannie Mae & Freddie Mac? Forms. Answer:The agencies understood the challenges that different questionnaires would create since the guidelines are relatively the same across the board, with some small differences. So, as you can see below, the agencies [...]
Conventional loan limits are increasing in most counties January 1, 2019. Comment below with your County and I’ll send you the new loan limits.
Related Article Title: FHFA Announces Maximum Conforming Loan Limits for 2019 Written By: Lloyd Rutherford, Staff Writer We sent out an announcement via email and social media on the new loan limits. Here is the official announcement and links for your use. Rule Synopsis: The GSEs (Fannie Mae and Freddie Mac) at the direction of [...]