Category: Fannie Mae/Freddie Mac

Fannie Mae and Freddie Mac – Remote Worker – If a borrower works remotely for a paperless company, is an email verifying employment acceptable?

Answer: There is no specific guideline addressing your situation. Generally speaking, any form of employment documentation should be via corporate letterhead and signed and dated by the employer’s supervisor or human resources department. Typically, the reason for the letter is to acquire a signature of someone ‘in-charge’ (think Written VOE) at the employer and an […]

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Fannie Mae & Freddie Mac – Condo Requirements: Under the new Fannie & Freddie guidelines for Condos, do I still need a project questionnaire? MC Condo Eligibility Quick Reference Chart-All Agencies

Answer: Technically, the answer is no, you wouldn’t need them, but each lender could require them. They may require them to show that the project meets all other condo requirements, as that is the lender’s obligation when delivering to Fannie. The lender is representing and warranting that the project is warrantable and meets Fannie Mae’s […]

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Did you know that Fannie Mae and Freddie Mac will not lend to a business such as an LLC? They will only lend to an individual or a trust.

Related Question: Fannie Mae & Freddie Mac-Properties Owned by LLC: How do you refinance a property when it is owned by an LLC with 50/50 partners and only one partner will be signing the deed? Answer: If you are dealing with a Fannie/Freddie loan, this shouldn’t be a problem. However, I do want to remind […]

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When a borrower chooses a Fannie Mae or Freddie Mac loan they must take title in their name (or a trust) and not the name of an entity or corporation.

Related Question: Fannie Mae & Freddie Mac – Property Titled to LLC: Can a borrower transfer a loan (title) from their name into the name of an LLC? Answer: Fannie and Freddie only provide loans to individuals, not entities/corporations like an LLC. You would have to check with the loan servicer to see if they would […]

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Fannie Mae and Freddie Mac allow a borrower to close with a job offer letter, but it must be clear of contingencies.

Related Question: Fannie Mae – Offer Letter as Income: If a borrower has an offer letter with contingencies, can they close before they start their new job? Answer: Fannie Mae offers two options. Option One requires the lender to hold the loan until the borrower’s first paycheck is received. This leaves the lender at risk, […]

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