Fannie Mae/Freddie Mac

Fannie Mae and Freddie Mac – Optional Use Period for the Uniform Residential Loan Application Will Not Begin July 1, 2019 – Dated June 12, 2019

Written by: Lloyd Rutherford, Staff Writer July 1, 2019 is out for the new URLA! Find out what happened and when we can expect the new optional date to begin. Rule Synopsis: Fannie Mae and Freddie Mac both posted announcements to inform the industry that the Optional Use Period for the redesigned 1003 has been [...]

2019-07-09T10:47:41-05:00July 10th, 2019|

For self-employed borrowers, the minimum time to document that income is 24 months. However, there are exceptions when a borrower is in the same line of work and can document equal or greater income from being self-employed. Have Questions? Just Ask!

Related Article Title: Fannie Mae & Freddie Mac – Self-Employed: Will Fannie or Freddie allow a borrower who has been self-employed for less than 2 years? Answer: Yes, both agencies (Fannie/Freddie) offer a path for someone with less than two years in self-employment, but never less than one year. The less-than-two-year path requires that the [...]

2019-06-24T10:11:12-05:00June 25th, 2019|Fannie Mae/Freddie Mac, Social Media Posts|

It is possible to buy a 2-4-unit property as a second home. If you considered this, let’s talk and I’ll help guide you through the financing options.

Related Article Title: Fannie Mae & Freddie Mac – Second Home Multi-Unit: What is the maximum LTV for a 2-Unit purchase of a second home for both Fannie and Freddie? Answer: It varies. If you are using their standard products, the LTV’s are limited to 85% for Fannie Mae and Freddie.  If using Freddie Mac’s [...]

2019-06-24T10:13:29-05:00June 25th, 2019|Fannie Mae/Freddie Mac|

Fannie Mae & Freddie Mac – Self-Employed: Will Fannie or Freddie allow a borrower who has been self-employed for less than 2 years?

Answer: Yes, both agencies (Fannie/Freddie) offer a path for someone with less than two years in self-employment, but never less than one year. The less-than-two-year path requires that the borrowers worked in a similar field, among other things. Reference: Fannie Mae B3-3.2-01, Underwriting Factors and Documentation for a Self-Employed Borrower (12/04/2018) Introduction This topic contains [...]

2019-06-19T09:59:11-05:00June 25th, 2019|

Did you know that Fannie and Freddie will only allow rental income from an accessory unit on a single-family home under their HomeReady® or HomePossible® programs?

Related Article Title: Fannie Mae & Freddie Mac – Accessory Unit Rental Income: Can we use income from a detached Accessory Unit on a single-family home? Answer: This could only be done on a Fannie Mae HomeReady® product or the Freddie Mac HomePossible® product, but it is not acceptable for any other program offered by [...]

2019-06-24T10:15:56-05:00June 25th, 2019|Fannie Mae/Freddie Mac, Social Media Posts|