Category: Freddie Mac

Refinancing with a HELOC? Conventional mortgage financing will allow you to keep your present HELOC and refinance your first mortgage.  The lender will use your actual monthly payment amount on the outstanding balance of your line of credit, to calculate your monthly debt obligation on that loan. If you would like to refinance your first mortgage and keep your HELOC, let’s talk and make a plan!

Related Article Title: Calculating a payment on a HELOC loan – Draw Amt. vs. Line Amount Question: My client has a HELOC which will remain open at closing. When calculating the payment on this line of credit for DTI purposes, should the payment be based on the full line amount or just the draw amount? […]

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Calculating a payment on a HELOC loan – Draw Amt. vs. Line Amount

Question: My client has a HELOC which will remain open at closing. When calculating the payment on this line of credit for DTI purposes, should the payment be based on the full line amount or just the draw amount? Answer: Freddie Mac guidelines do not specifically address this situation, so we reached out to Freddie […]

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Fannie Mae & Freddie Mac Covid 19 Temporary Guidance for Mortgage Processes

Written by:  Lloyd Rutherford, Staff Writer The Coronavirus, aka COVID-19, is unlike anything we have ever seen in our lifetime. Our Fannie and Freddie expert has read through and interpreted the main takeaways for our subscribers, and we strongly recommend that everyone take the time to read through this. Rule Synopsis: The GSE’s (Fannie Mae […]

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Freddie Mac News – True Lies – No One Benefits from Falsified Benefits

Written by: Lloyd Rutherford, Staff Writer When agencies uncover fraud by a few, it makes it tough on the rest of us because there are more guidelines, further scrutiny, and what may seem like nonsensical requests of our clients. Rule Synopsis: Freddie Mac issued their fifth edition of “True Lies”, which focuses on uncovering and […]

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Freddie Mac just updated their gift guidelines to require that a lender must verify either the transfer of funds from the gift donor account to the borrower, or evidence of the transfer of the gifts funds from the donor’s account to the settlement or closing agent. This is effective for loans closing on May 5, 2020 or after.

Freddie Mac just updated their gift guidelines to require that a lender must verify either the transfer of funds from the gift donor account to the borrower, or evidence of the transfer of the gifts funds from the donor’s account to the settlement or closing agent. This is effective for loans closing on May 5, 2020 or after.

Related Article Title: Freddie Mac Selling Guide Updates – Bulletin 2020-1 – Dated February 5, 2020 Written by: Lloyd Rutherford, Staff Writer Freddie Mac is back on track this year by issuing an update with a lot of reminders and credit policy changes.  Take a few minutes to read through this article for some important […]

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