Category: Fannie Mae/Freddie Mac

Attention Union Workers!  We know your income can seem complex to lenders, and we want you to know that we get it. I have worked extensively with Union workers; understand how you are paid and how to document it.  PM me with any questions!

Attention Union Workers!  We know your income can seem complex to lenders, and we want you to know that we get it. I have worked extensively with Union workers; understand how you are paid and how to document it.  PM me with any questions!

Related Article Title: Union Income Calculation & Documentation – Multiply Agency Answers Question: I’ve been in this industry for 20+ years but seem to always get challenged when it comes to union employment verification and acceptable documentation.  Where is there clear guidance on verifying this income short of just asking for 2 years of tax […]

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Home Improvement on Your Mind?  Before you decide how to pay for it, let’s talk!  There are fantastic home loan renovation options that allow you to roll the project into one loan vs. getting a home equity or second mortgage. PM me for more details!

Home Improvement on Your Mind?  Before you decide how to pay for it, let’s talk!  There are fantastic home loan renovation options that allow you to roll the project into one loan vs. getting a home equity or second mortgage. PM me for more details!

Related Article Title: Is a Second Mortgage a Good Option for Home Improvements? Question: My client is considering a second mortgage for a large home improvement project.  He will use all of those funds for the project and then would like to refinance his first and second into a new conventional loan.  Will Fannie Mae […]

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Calculating Qualifying Income from a Self-Employed Borrower Paystub

Question: I have a self-employed client who receives W2 income from his company.  There is a difference between box 1 “Wages” and box 5 “Medicare Wages”. He states his Medicare Wages is the employee deferral for a 401k contribution. Which income should I use? Answer: Generally, a W2 is only used to support someone’s annual […]

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Cashback from a Gift of Equity

Question: Is cashback permitted on a gift of equity? Answer: Fannie Mae & Freddie Mac Says: No. Gift of equity would be appropriately adjusted to meet the product/program maximum LTV requirements for the transaction. It could not come back to the borrower as a source of funds in any way. FHA Says: Unfortunately, FHA will […]

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Union Income Calculation & Documentation – Multiply Agency Answers

Question: I’ve been in this industry for 20+ years but seem to always get challenged when it comes to union employment verification and acceptable documentation.  Where is there clear guidance on verifying this income short of just asking for 2 years of tax returns, copies of W-2/1099’s, YTD income, most recent paystub and final paystubs […]

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