Category: Fannie Mae/Freddie Mac

Did you know that you can rent out the home you currently occupy, and use the income to help you qualify for your new home? If you want to move and are not able to sell your current property, this may be an option for you.  Let’s talk and see if we can make it work!

Did you know that you can rent out the home you currently occupy, and use the income to help you qualify for your new home? If you want to move and are not able to sell your current property, this may be an option for you.  Let’s talk and see if we can make it work!

Related Article Title: Documentation Needed When Renting a Departing Residence Question: My client is moving from his owner-occupied residence and into a new home.  He is intending to rent that property.  I am getting underwriting conditions that require a signed lease, and the first month’s rent upfront at least one to two weeks prior to […]

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Documentation Needed When Renting a Departing Residence

Question: My client is moving from his owner-occupied residence and into a new home.  He is intending to rent that property.  I am getting underwriting conditions that require a signed lease, and the first month’s rent upfront at least one to two weeks prior to closing in order to use this as income.  What are […]

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Tax Returns During COVID-19

Question: Are tax transcripts required for a Fannie or Freddie loan for a self-employed borrower income? I thought I heard that they are temporarily not required due to the COVID-19 and the IRS working at less capacity. Answer: Fannie and Freddie do not require transcripts in a file UNLESS the transcript was ordered AND processed […]

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Fannie and Freddie Publish Refinance & Home Purchase Eligibility Requirements for Borrowers in Forbearance – FNMA LL-2020-03 – Updated May 19, 2020 and FHLMC Bulletin 2020-75 – Dated May 93, 2020 and FHFA Media Announcement – Dated May 19, 2020

Written by Lloyd Rutherford, Staff Writer Rule Synopsis: The GSE’s (Fannie Mae and Freddie Mac), at the direction of their regulator (the FHFA), have released information on temporary eligibility requirements for borrowers who are in forbearance, or recently ended their forbearance and are now looking to refinance an existing home or buy a new home. […]

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Payment Deferral Options available to Servicers – FNMA LL-2020-07 – Dated May 13, 2020 and FHLMC Bulletin 2020-15 – Dated May 13, 2020

Publisher’s Note: There are a lot of rumors and speculation circulating as to how borrowers will be affected by forbearance requests due to Covid-19.  The reality is that until the agencies issue written guidance, none of us know the true answers as the pandemic is a first for our industry.  As each update becomes available, […]

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