Your Rental History Counts!  Big Win for Many First-Time Homebuyers! Fannie Mae just released a bulletin that they will now consider your rental payment history when underwriting your loan.  Many times, rental payments do not show up on a credit report, which meant those payments were not considered.  Now the automated underwriting systems are being updated to evaluate your rental history. Message or call me and let’s discuss your new dream home!

Your Rental History Counts!  Big Win for Many First-Time Homebuyers! Fannie Mae just released a bulletin that they will now consider your rental payment history when underwriting your loan.  Many times, rental payments do not show up on a credit report, which meant those payments were not considered.  Now the automated underwriting systems are being updated to evaluate your rental history. Message or call me and let’s discuss your new dream home!

Related Article Title: Fannie Mae’s FAQs for Positive Rent Payment History – Dated August 18, 2021 Written by: Lloyd Rutherford, Staff Writer Fannie Mae issued an update to DU Version 11 that will allow Rent Payments to be considered.  However, there are certain procedures that need to be followed to make this happen for your […]

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Freddie Mac will now allow a 95% LTV [Loan to Value] for 2-4 Unit properties on their HomePossible® program.  Previously they required an 85% LTV, so this is a BIG change!  If you are considering purchasing a multi-unit property to live in and renting out the other units, let’s discuss your plan. This program change may be what you needed to move forward!

Freddie Mac will now allow a 95% LTV [Loan to Value] for 2-4 Unit properties on their HomePossible® program.  Previously they required an 85% LTV, so this is a BIG change!  If you are considering purchasing a multi-unit property to live in and renting out the other units, let’s discuss your plan. This program change may be what you needed to move forward!

Related Article Title: Freddie Mac Selling Guide Updates- Bulletin 2021-29- Dated September 1, 2021- Effective November 15, 2021 & December 1, 2021 Written by: Sue Villanova, Staff Writer Freddie Mac bulletins are a great way to stay up to date on guideline changes.  Be sure to read through these latest changes to become familiar with […]

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If you are purchasing a property from someone that you have a professional or personal relationship with, you may run into a home financing restrictions.  These are called “Identity of Interest” or “Non-Arm’s Lengths” Transactions.  Let’s talk first so that you can properly structure your new home loan!

If you are purchasing a property from someone that you have a professional or personal relationship with, you may run into a home financing restrictions.  These are called “Identity of Interest” or “Non-Arm’s Lengths” Transactions.  Let’s talk first so that you can properly structure your new home loan!

Related Article Title: Identity of Interest – Buying Another Property Owned by the Present Landlord Question: If a tenant is purchasing another property owned by their landlord, would it still be considered an Identity of Interest transaction and be subject to the 85% LTV restriction? NEW Chart – Identity of Interest – Non-Arm’s Length Transactions […]

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Self Employed & Also Employed by Another Company? Some of my clients work a full- or part-time job and own their own company.  Did you know that conventional home financing options will allow us to disregard a business loss if you qualify for a loan with your non-self-employed income?  This is a common scenario, as many people start out working full time while building their own company. Let’s talk about your situation and work out a plan to purchase or refinance your home!

Self Employed & Also Employed by Another Company? Some of my clients work a full- or part-time job and own their own company.  Did you know that conventional home financing options will allow us to disregard a business loss if you qualify for a loan with your non-self-employed income?  This is a common scenario, as many people start out working full time while building their own company. Let’s talk about your situation and work out a plan to purchase or refinance your home!

Related Article Title: When Does a Business Loss Need to be Counted? Question: Are we required to count a business loss against our borrower from their 1120 (C-Corp) schedule? Answer: The answer is yes and no. If the borrower has a full-time job outside of self-employment, then both Fannie and Freddie allow you to disregard […]

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If you are planning to rent out the home you presently live in when you purchase your new home, let’s chat first.  Home financing guidelines vary for issues such as the amount of rent that can be used as income, or to offset your present mortgage payment.  A quick conversation will help you plan the right loan for your new home!

If you are planning to rent out the home you presently live in when you purchase your new home, let’s chat first.  Home financing guidelines vary for issues such as the amount of rent that can be used as income, or to offset your present mortgage payment.  A quick conversation will help you plan the right loan for your new home!

Related Article Title: Required Length of Lease on a Departing Residence Rental Question: When a client is converting his departure residence into a rental and using income to help offset the existing mortgage, can he provide a 6-month lease, or must it be a 12-month lease?  Updated – Rental Income Chart – All Agency Comparison […]

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