Related Article Title: Determining the Financial Strength of a Self-Employed Borrower Question: My client owns a business and I am trying to decide the best way to demonstrate the criteria of “the ability of the business to continue generating and distributing sufficient income to enable the borrower to make the payments on the requested mortgage” […]
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Related Article Title: Date Used for Derogatory Credit Waiting Period Question: We are working on a conventional refinance where the borrower had a derogatory credit event. To ensure that we meet the seasoning period required by Fannie Mae, what is the date that they use for the waiting period? – Mortgage Currentcy – Derogatory Credit […]
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Related Article Title: Can Employer Profit Sharing be Used as Reserves? Question: Can we use profit sharing from an employer as reserves on a Fannie Mae loan? Answer: Here is what I have in the selling guide for Fannie Mae (Freddie is basically the same). Unfortunately, this is not listed as an eligible asset. I […]
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Related Article Title: Adding Back Car Expenses for Car Service Drivers Question: Will Fannie Mae allow car expenses [located on Line 9 of the Schedule C] to be added back to income for a sole proprietor? Answer: Unfortunately, you cannot. You can also use form 1084 which specifically identifies how to calculate income for a […]
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Related Article Title: Will Government Agencies Allow Marijuana Income? Question: Do any of the Government loans (FHA, USDA and VA) allow the use of W-2 income from a Borrower who works at a Marijuana company? This person is not a grower or distributor and all of their income is derived from W-2 income. Answer: As […]
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