Fannie Mae – Departing Residence Lease Documentation: Fannie Mae states that I only need a lease for a departing residence being rented, why is the borrower being asked to provide additional information?
Answer: The selling guide allows the lender to use a lease agreement. A lender can choose to add other requirements they deem necessary to support income, debts, assets and the like, at any time. These may or may not have anything to do with overlays, but specific situations. An example: Let’s say that I am […]