Related Article Title: Disputed Account with a Zero Balance and a Late Payment Question: My client has a store credit card with a zero balance and the last late was due to a dispute within the last 24 months. Do I need to get the dispute removed or can this be ignored? Mortgage Currentcy – […]
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Related Article Title: Calculating Student Loan Payments in Forbearance & Under Forgiveness Question: My client presently has their federal student loans in Forbearance due to COVID, plus they are in a forgiveness program with a public service program. How do I calculate a payment for qualifying purposes? Answer: Fannie Mae addresses this situation in the […]
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Related Article Title: Union Income Calculation & Documentation – Multiply Agency Answers Question: I’ve been in this industry for 20+ years but seem to always get challenged when it comes to union employment verification and acceptable documentation. Where is there clear guidance on verifying this income short of just asking for 2 years of tax […]
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Related Article Title: Is a Second Mortgage a Good Option for Home Improvements? Question: My client is considering a second mortgage for a large home improvement project. He will use all of those funds for the project and then would like to refinance his first and second into a new conventional loan. Will Fannie Mae […]
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Question: My client owns a second home and rents it out minimally throughout the year. I do not need this income to qualify the borrower. If they have any rental income on their tax returns, is this still considered a second home? Answer: Fannie Mae’s second home requirements state “If the lender identifies rental income […]
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