Fannie Mae

Fannie Mae SEL–2019-08 – Employment Contracts, Rental Income, AML – Dated October 2, 2019

Written by: Lloyd Rutherford, Staff Writer This is a small bulletin, but big update, so be sure to read through the details carefully. Rule Synopsis: Fannie Mae is updating their selling guide for a variety of topics. This article will focus on the topics that benefit originators. The updates announced in this Selling Guide Announcement [...]

2019-10-10T15:27:47-05:00October 10th, 2019|

When someone wants to buy a piece of land to build a home, they have a few financing options to consider. If you want to build your dream home on land that you select, give me a call and let’s discuss your options.

Related Article Title: New Construction Cash-Out Refinance Rules Question: My client paid cash for a parcel of land that he is now building a home on using construction financing from his bank. He wants to pay off the construction loan and lower his rate to a longer-term mortgage loan. Is this considered a cash-out or [...]

2019-09-24T13:18:09-05:00September 25th, 2019|Fannie Mae, Social Media Posts|

New Construction Cash-Out Refinance Rules

Question: My client paid cash for a parcel of land that he is now building a home on using construction financing from his bank. He wants to pay off the construction loan and lower his rate to a longer-term mortgage loan. Is this considered a cash-out or a rate/term refinance? Answer: This is a conversion [...]

2019-09-24T10:16:28-05:00September 25th, 2019|

Can Stipend Income be used to purchase a home?

Question: My client has a substantial stipend income that they have received for 12 months and are guaranteed for another 12 months. Can I use this income to qualify the borrower? Answer: Unfortunately, the stipend is not an eligible source of income and would have to be income that would continue for at least three [...]

2019-09-24T10:19:00-05:00September 25th, 2019|