Category: Freddie Mac

Plan on Buying a Home? Be sure to take advantage of a federal tax credit program called Mortgage Credit Certificates!  MCCs enable an eligible first-time home buyer to claim a federal tax credit for a specified percentage of the mortgage interest payments. Comment below for a free fact sheet!

Plan on Buying a Home? Be sure to take advantage of a federal tax credit program called Mortgage Credit Certificates!  MCCs enable an eligible first-time home buyer to claim a federal tax credit for a specified percentage of the mortgage interest payments. Comment below for a free fact sheet!

Related Article Title: Mortgage Credit Certificates and Refinances Question: When a client’s original loan is a Housing Finance Agency Mortgage Credit Certificate, can a refinance be done while keeping the MCC tax benefit?  MCC Income Analyzer – Chart Answer: Great question!  I found something to help you in the Fannie Mae selling guide, but I […]

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If you originally financed, your home using Mortgage Credit Certificates you may still be able to refinance and allow the MCC to remain in place. If this sounds like your situation, let’s talk!

If you originally financed, your home using Mortgage Credit Certificates you may still be able to refinance and allow the MCC to remain in place. If this sounds like your situation, let’s talk!

Related Article Title: Mortgage Credit Certificates and Refinances Question: When a client’s original loan is a Housing Finance Agency Mortgage Credit Certificate, can a refinance be done while keeping the MCC tax benefit?  MCC Income Analyzer – Chart Answer: Great question!  I found something to help you in the Fannie Mae selling guide, but I […]

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Did you know that if you presently have a lease payment on a car, even if you intend to pay if off prior to closing, conventional mortgage loans will require the lender to count that debt against you? If this sounds like your situation, let’s talk and figure it out!

Did you know that if you presently have a lease payment on a car, even if you intend to pay if off prior to closing, conventional mortgage loans will require the lender to count that debt against you? If this sounds like your situation, let’s talk and figure it out!

Related Article Title: Why do lease payments need to be counted when the lease is nearing its end? Question: The credit report for my borrower is showing a lease payment of $400 and only a balance of $800.  They have reserves to pay that off prior to closing and he does not intent to get […]

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Mortgage Credit Certificates and Refinances

Question: When a client’s original loan is a Housing Finance Agency Mortgage Credit Certificate, can a refinance be done while keeping the MCC tax benefit?  MCC Income Analyzer – Chart Answer: Great question!  I found something to help you in the Fannie Mae selling guide, but I couldn’t quickly find anything on this subject immediately […]

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Calculating a monthly payment on a variable HELOC monthly payment amount.

Question: My client has a HELOC line of credit which requires interest only payments each month.  As the line of credit loan balance shrinks, so does the required monthly payment.  How do I calculate this payment for consideration in the DTI? Answer: It is a vague guideline in the selling guide for Fannie Mae, and […]

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