Related Article Title: Waiting Period After Bankruptcy When Home is Re-Affirmed Question: If a client has a Chapter 7 Bankruptcy, but the house was re-affirmed and they kept the house, is the waiting period 2 years or 4 years? Derogatory Credit Chart Answer: Mortgage Currentcy has a great Derogatory Credit Chart which we are linking […]
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Related Article Title: Fannie Mae & Freddie Mac – HomePossible® & HomeReady®- Income Limits: If I have a married couple but only one spouse wants to be on the loan, is this acceptable for income limit purposes? 97% Financing Options Comparison – Fannie vs. Freddie Chart Answer: That should be acceptable if both work; however, […]
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Related Article Title: Fannie Mae & Freddie Mac – HomePossible® & HomeReady®-Gift: Is a 3% gift of equity, used for down payment purposes, allowed on a HomeReady® or HomePossible® from an Aunt/Uncle? Gift Funds and Gifts of Equity – All Agencies – Chart Answer: Both agencies allow gift of equity as the source of down […]
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Related Article Title: Fannie Mae & Freddie Mac – Condominium Questionnaires: Do the condominium questionnaires differ between Fannie Mae & Freddie Mac? Forms. Answer:The agencies understood the challenges that different questionnaires would create since the guidelines are relatively the same across the board, with some small differences. So, as you can see below, the agencies […]
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