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Schedule K-1 Income? Some of you with a schedule K-1 on your tax return may count on this income as your primary source of income and others as a side income.  Home lenders review your percentage of ownership to determine how they will add income or count losses.  To find out how home lenders will consider your income in buying a home, let’s chat!

Schedule K-1 Income? Some of you with a schedule K-1 on your tax return may count on this income as your primary source of income and others as a side income.  Home lenders review your percentage of ownership to determine how they will add income or count losses.  To find out how home lenders will consider your income in buying a home, let’s chat!

Related Article Title: Fannie Mae’s Top Trending Questions – Dated September 30, 2021 Written by: Lloyd Rutherford, Staff Writer You can learn a lot when you read the most commonly asked questions to Fannie Mae.  This updated Top Trending Questions article is a must read! Rule Synopsis: Fannie Mae updated their top trending questions. There […]

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Lost Your Home to Foreclosure?  Don’t Lose Hope!  Guidelines have recently changed that will allow a shorter time frame from the time of a foreclosure to buying another home.  This can be complex as it involves circumstances, timing of bankruptcy, and other factors.  If you lost your home to foreclosure in the past and are curious about your roadmap to a new home, let’s talk!

Lost Your Home to Foreclosure?  Don’t Lose Hope!  Guidelines have recently changed that will allow a shorter time frame from the time of a foreclosure to buying another home.  This can be complex as it involves circumstances, timing of bankruptcy, and other factors.  If you lost your home to foreclosure in the past and are curious about your roadmap to a new home, let’s talk!

Related Article Title: Freddie Mac Bulletin 2021-31 Foreclosure Waiting Period Change and Texas Refinance Clarification – UPDATED Derogatory Credit Chart Written by: Sue Villanova, Staff Writer Freddie Mac published Bulletin 2021-31, which announced a reduction in the time period a foreclosure must be seasoned when it is included in a Chapter 7 Bankruptcy.  There is […]

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Attention Self-Employed Buyers!  Are you wondering how lenders calculate your income? Each self-employed purchaser is different, but it is likely that a lender will add back expenses such as ‘depreciation’, ‘depletion’, ‘business use of home’, ‘amortization’, & ‘casualty losses.’ Lenders consider these “paper write offs” vs. actual cash from the business.  If you are self-employed, it is important to talk with your lender before you start looking for homes.  Let’s connect & discuss your situation!

Attention Self-Employed Buyers!  Are you wondering how lenders calculate your income? Each self-employed purchaser is different, but it is likely that a lender will add back expenses such as ‘depreciation’, ‘depletion’, ‘business use of home’, ‘amortization’, & ‘casualty losses.’ Lenders consider these “paper write offs” vs. actual cash from the business.  If you are self-employed, it is important to talk with your lender before you start looking for homes.  Let’s connect & discuss your situation!

Related Article Title: Mileage Depreciation Add-Back for Self-Employed Borrowers Question: Can we add back mileage that was claimed on form 4562 (depreciation and Amortization) for a self-employed buyer? Answer: Fannie Mae says this about depreciation (see below). Form 4562 is what drives the information found on line 13 of schedule C, so it should already […]

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Do You Need to Own a Primary Home to Buy a Second Home?  Surprisingly, the answer is NO!  You can buy a second home without owning a home presently.  Curious as to how this works? Contact me and I will fill you in on the details.

Do You Need to Own a Primary Home to Buy a Second Home?  Surprisingly, the answer is NO!  You can buy a second home without owning a home presently.  Curious as to how this works? Contact me and I will fill you in on the details.

Related Article Title: Second Home Purchase Without a Primary Home Question: Do you have to own your primary residence to be able to purchase a 2nd home? MC-Occupancy Chart – All Agency Comparison Answer: Interestingly enough, you don’t. Both agencies allow for the borrower to buy a home as a 2nd home even when they […]

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Fannie Mae has just announced an update to their minimum required credit scores to qualify for a home loan.  This update will help more people buy a home.  Let’s talk about your situation, as the dream of owning that home may be closer than you think!

Fannie Mae has just announced an update to their minimum required credit scores to qualify for a home loan.  This update will help more people buy a home.  Let’s talk about your situation, as the dream of owning that home may be closer than you think!

Related Article Title: Fannie Mae Selling Guide Updates – SEL-2021-08 – Dated September 1, 2021 Written by: Lloyd Rutherford, Staff Writer Fannie Mae is announcing a substantial update to minimum credit score thresholds.  This update will provide you with the details to assist your clients with lower credit scores. Rule Synopsis: Fannie Mae is updating […]

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