Fannie Mae – 30 – Day Late Payments: We have an approve/eligible on a loan with more than two, 30-day lates on a HELOC, but the underwriter still says they cannot be approved.
Answer: I am not sure why the underwriter is saying the 30-day lates make the loan ineligible. The requirements from the FNMA selling guide are below (regarding previous mortgage payment history requirements) – see highlighted text below. The guidelines only call out ‘excessive’ mortgage delinquency and they provide a definition of excessive mortgage delinquency. 30-day […]