Fannie Mae

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|

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 Self-Employed Borrower (12/04/2018) Overview When determining the appropriate qualifying income for a self-employed borrower, it is important to note that business income (specifically from a partnership or S corporation) reported on an individual IRS Form 1040 [...]

2019-06-25T08:01:21-05:00June 25th, 2019|

Breaking News! The HomeReady® Program dealt a blow to this very popular program. They will now require that EVERYONE meet the income limits of 80% of area median income vs. the former 100%.  This is effective July 20th so we still have time to help you with this low down payment program. PM Immediately if you are even considering buying a home

Related Article Title:  Fannie Mae Lender Letter LL-2019-06 – Dated June 5, 2019 – Effective July 20, 2019 Written by: Lloyd Rutherford, Staff Writer If you work with the HomeReady program, this is an update that may blow up your loans if you do not pay attention. Severe changes to this program will soon go [...]

2019-06-07T13:55:49-05:00June 10th, 2019|Fannie Mae, Social Media Posts|

Important Alert! The HomeReady® Program will no longer allow “no income limits” in any area of the country, even the low-to-moderate for which it was created. If you are on the fence about buying, we have until July 20th to get your application in under this program. PM me!

Related Article Title:  Fannie Mae Lender Letter LL-2019-06 – Dated June 5, 2019 – Effective July 20, 2019 Written by: Lloyd Rutherford, Staff Writer If you work with the HomeReady program, this is an update that may blow up your loans if you do not pay attention. Severe changes to this program will soon go [...]

2019-06-07T13:54:50-05:00June 10th, 2019|Fannie Mae, Social Media Posts|