What happened to Second Home and Investment Property Financing?  Fannie Mae and Freddie Mac just issued new guidelines that make it tougher to get a home loan on a second home or investment property. If you are thinking about buying a second home or an investment property, let’s talk about how these changes may affect you!

What happened to Second Home and Investment Property Financing?  Fannie Mae and Freddie Mac just issued new guidelines that make it tougher to get a home loan on a second home or investment property. If you are thinking about buying a second home or an investment property, let’s talk about how these changes may affect you!

Related Article Title: Fannie Mae Lender Letter LL–2021-08 – Dated March 10, 2021 and Freddie Mac Bulletin 2021-11 – Dated March 31, 2021 Written by: Lloyd Rutherford, Staff Writer Second homes and Investment Property financing has tightened up based on a new mandate to Fannie Mae and Freddie Mac from the Treasury Department.  Pay attention […]

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Alimony or Child Support Obligations? If you are buying a home with conventional home financing, the lender will add your child support payment to your monthly debt.  However, if you have an alimony obligation, the lender has the option to either add it to your monthly debt OR subtract it from your monthly income. This may sound similar, but it can make a difference in how much of a home you qualify for. The key is to work with a lender who knows how to structure your home financing the best way for you!  Before you start looking for a home, let’s talk!

Alimony or Child Support Obligations? If you are buying a home with conventional home financing, the lender will add your child support payment to your monthly debt.  However, if you have an alimony obligation, the lender has the option to either add it to your monthly debt OR subtract it from your monthly income. This may sound similar, but it can make a difference in how much of a home you qualify for. The key is to work with a lender who knows how to structure your home financing the best way for you!  Before you start looking for a home, let’s talk!

Related Article Title: Fannie Mae’s Top Trending Questions – Dated March 23, 2021 Written by: Lloyd Rutherford, Staff Writer One of the best ways that you can learn is to commit to reading the FAQs or Top Trending Questions published by the agencies.  This article contains the latest Trending Questions, and we will bet that […]

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Good to Know!  If a court has ordered that another person pay a debt that you are personally liable for, such as joint debt in a marriage, that debt will not need to be counted on your new conventional loan.  Let’s talk if this sounds like your situation!

Good to Know!  If a court has ordered that another person pay a debt that you are personally liable for, such as joint debt in a marriage, that debt will not need to be counted on your new conventional loan.  Let’s talk if this sounds like your situation!

Related Article Title: Fannie Mae’s Top Trending Questions – Dated March 23, 2021 Written by: Lloyd Rutherford, Staff Writer One of the best ways that you can learn is to commit to reading the FAQs or Top Trending Questions published by the agencies.  This article contains the latest Trending Questions, and we will bet that […]

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How does an Appraiser provide the correct value for a property when the housing prices are constantly rising?  Homes for sale are at an all-time low, causing home buyers to compete for the homes on the market.  Offer too much, and the appraisal may come in lower than what you paid for the property, affecting your home financing.  Did you know that an appraiser can use a “positive time adjustment” to substantiate a property value?  This adjustment allows the appraiser to account for market conditions using sales contracts or closed loans to document the home’s value accurately.  Questions?  Just PM me, and let’s discuss your situation!

How does an Appraiser provide the correct value for a property when the housing prices are constantly rising?  Homes for sale are at an all-time low, causing home buyers to compete for the homes on the market.  Offer too much, and the appraisal may come in lower than what you paid for the property, affecting your home financing.  Did you know that an appraiser can use a “positive time adjustment” to substantiate a property value?  This adjustment allows the appraiser to account for market conditions using sales contracts or closed loans to document the home’s value accurately.  Questions?  Just PM me, and let’s discuss your situation!

Related Article Title: Fannie Mae Appraiser Update – Dated March 2021 Written by: Lloyd Rutherford, Staff Writer Don’t make the mistake of thinking that Appraiser Updates are not important!  How many times has a deal blown up over an appraisal issue?  This update helps the lender understand how drastically some of Fannie Mae’s views are […]

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Tip & Hourly Income Earners!  If buying or refinancing a home is in your future be careful when it comes to switching employers, as lenders who finance homes look for stability of income and the likelihood that your income will continue.  When you change jobs, it may take a year or more to demonstrate income stability.  Before you decide on a move, let’s talk!

Tip & Hourly Income Earners!  If buying or refinancing a home is in your future be careful when it comes to switching employers, as lenders who finance homes look for stability of income and the likelihood that your income will continue.  When you change jobs, it may take a year or more to demonstrate income stability.  Before you decide on a move, let’s talk!

Related Article Title: Calculating Tip & Hourly Income when Borrower Changes Employer Question: My client’s previous employer includes her base hourly and tip income in her paycheck and W2.  She recently changed employers and now her paycheck will only include the small hourly base. The tips will have to be self-claimed.  How do I qualify […]

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