Fannie Mae/Freddie in Brief

Would you like a copy of my newest comparison chart entitled, “Cancelling Private Mortgage Insurance – Fannie vs. Freddie?” Email or post below.

Answer: Here’s a new comparison chart, Cancelling Private Mortgage Insurance – Fannie vs. Freddie, provides some little-known information at your fingertips that could truly save your borrowers thousands of dollars if you steer them to the right Agency when originating their mortgage. Examples: Freddie is the better loan choice for the 1-unit primary residence purchase [...]

2018-01-10T09:04:19-05:00January 9th, 2018|Fannie Mae/Freddie in Brief|

Pictures of required documents are accepted by Fannie, Freddie and FHA. This gets our clients to closing faster!

Answer: [tweet-start]Send us a picture of your loan docs and we are okay with that! Making the mortgage process easier![tweet-end] Fannie and Freddie Answer: Freddie and Fannie do not have any guidelines that would prevent a lender from using a photo of the document vs. a photocopy/PDF. FHA Answer: FHA does not discuss acceptable image [...]

2018-01-10T09:04:46-05:00January 9th, 2018|Fannie Mae/Freddie in Brief|

On conventional loans; rental income from a client’s current home can be used to offset the payment on that mortgage, which makes it easier to qualify for their new mortgage.

Answer: If a client wants to keep their present home and buy a new one, they can use rental income to offset the debt on their old mortgage. Both Fannie Mae and Freddie Mac are exactly alike in both scenarios. If vacating the old home and renting out, you can use lease agreements: take 75% [...]

2018-09-25T10:15:28-05:00January 9th, 2018|Fannie Mae/Freddie in Brief|

Non-US citizen borrowers and the varying types of visas can be overwhelming when it comes to purchasing a home. We have this all sorted out and can assist your clients, so contact us first.

Answer: [tweet-start]Non-US citizens who want to purchase a home have special requirements. We are experts at helping them – so call us![tweet-end] Fannie and Freddie allow for non-permanent resident aliens; however, they do not indicate which types of visas are allowed or disallowed. That is up to each individual lender to determine. See selling guide [...]

2018-01-10T09:04:47-05:00January 9th, 2018|Fannie Mae/Freddie in Brief|

Lenders have calculations for the amount of hazard insurance required for a loan as a minimum requirement. However, we recommend that you discuss adequate coverage with your insurance agent so that you feel properly covered.

Answer: Fannie Mae has a very specific section regarding how to determine the amount of hazard insurance coverage, complete with steps and an example. Please see below. It should answer all your questions. Freddie follows the same requirements. I believe, based on your scenario, that you would follow steps 2, 2A and 2B. Reference: B7-3-03, [...]

2018-01-10T09:04:49-05:00January 9th, 2018|Fannie Mae/Freddie in Brief|