Issue: Q&A – August 25, 2018

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 and FHA – Lease to Buy Credit – How can a client use the rent paid on a lease to buy an option agreement for a down payment?

Answer: You will need: Evidence that the borrower was paying over market rents, and only that amount will be allowed.  For example:  Homes in an area rent out for $800/month based on a rent analysis (determined by the appraiser), but your borrower paid $1,000/month, or $200 over market rents. A copy of the rental/purchase agreement […]

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Fannie Mae – MH Advantage Program – What are builders allowed under the new Fannie Mae MH Advantage Program? NEW MTP-MH Advantage Approved Builder List

Answer: Here is the link from Fannie Mae that houses their approved participant list. MH Advantage-Participating Manufacturers List Supporting Resource: Mortgage Talking Points™ – Fannie Mae – MH Advantage Builder List Social Media Post; Exciting News!  Fannie Mae has a new Manufactured Home Financing program and I have the list of their Participating Builders who […]

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Fannie Mae – Investment Loan – Do we need to meet occupancy requirements, on a limited review, for an investment loan in an established condo project?

  Answer No, if you meet the requirements for a limited review for an investment property condo (eligibility requires that you have an LTV of less than or equal to 75%) and DU supports a limited review feedback message, then you would not have to fulfill the requirements outlined in the Full Review process, which […]

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