Category: Fannie Mae/Freddie Mac

Do All Borrowers Need a Credit Score to Buy a Home? The answer is “No”!  There are many ways to demonstrate your credit payment history.  For instance, your utility bills, rent, cell phone bill and even streaming services can be used to demonstrate credit history.  Bottom line – Don’t let the lack of a credit score stop you from buying your dream home.  Let’s talk and plan your road to homeownership!

Do All Borrowers Need a Credit Score to Buy a Home? The answer is “No”!  There are many ways to demonstrate your credit payment history.  For instance, your utility bills, rent, cell phone bill and even streaming services can be used to demonstrate credit history.  Bottom line – Don’t let the lack of a credit score stop you from buying your dream home.  Let’s talk and plan your road to homeownership!

Related Article Title: One Borrower with No Credit Score Question: One of my borrowers does not have a credit score, yet we are receiving an approve eligible in DU. Are we able to have a borrower with no score? MC Chart – Non-Traditional Credit Guidelines – All Agency Comparison Answer: Fannie and Freddie do not […]

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One Borrower with No Credit Score

Question: One of my borrowers does not have a credit score, yet we are receiving an approve eligible in DU. Are we able to have a borrower with no score? MC Chart – Non-Traditional Credit Guidelines – All Agency Comparison Answer: Fannie and Freddie do not have a minimum number of tradelines / credit depth […]

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Use of Funds for Cash-Out Refinances

Question: On a cash out refi, is there any guideline that prohibits a borrower to use proceeds from the refinance to pay an outstanding federal tax bill? Answer: Good news. See below – see bolded text (from the Fannie cash out guidelines) – note that Freddie is basically the same. Acceptable Uses The following are […]

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Minimum Property Standards

Question: Does Fannie Mae or Freddie Mac have a minimum property standard for bathrooms? My clients’ home has one bathroom with only a toilet and a sink and no shower or tub. Answer: Fannie and Freddie do not address this kind of detail for the property. So, lenders are left to their own requirements on […]

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Temporary COVID Restrictions & Expiration Dates

Question: Have the COVID Overlays been lifted by Fannie Mae and Freddie Mac? Where can I go to see details? Answer: Fannie and Freddie (because they are both under conservatorship) are ‘in-step’ with all guidelines and all timeframes for continuing or discontinuing a COVID related overlay. Some flexibilities have expired (see LL-2021-04 for example) for […]

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