Rental Income

Fannie Mae’s Top Trending Questions – Dated May 2019

Written by: Lloyd Rutherford, Staff Writer Keeping up with rule changes is a challenge for even the most experienced underwriter or originator. That is part of the value of Mortgage Currentcy! In this article, Fannie Mae has updated their “trending questions” to keep you even more in the know! Rule Synopsis: Fannie Mae FINALLY updated [...]

2019-08-09T13:29:44-05:00August 12th, 2019|

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 review the practicality of the borrower using the smaller unit as their primary residence. For example: If the borrower is the only occupant, and the units are a 1 bedroom and a 3 bedroom, [...]

2019-06-19T11:34:59-05:00June 25th, 2019|

Fannie Mae and Freddie Mac – Rental Income – Exiting Property: My client is moving to another state and needs the rental income on his exiting property. Will either agency accept rental income on an existing primary residence when there is no lease in place? [Rental Income Requirements Chart]

Answer: Great question. This actually happens a lot. There really is no real specific guidance in the selling guides for Fannie Mae (and Freddie Mac is more restrictive) other than to state that the income could be used as long as the lender provides justification to use the income. They leave it to the lender [...]

2019-04-19T16:17:52-05:00April 24th, 2019|