Issue: Q&A - February 25, 2018

Fannie Mae & Freddie Mac – IRS Installment Agreement: What are the Fannie Mae & Freddie Mac guidelines for a borrower with an installment agreement with the IRS?

Answer: Good news if you can meet the following guidelines. Fannie Mae just rolled out with a new option for qualifying a borrower with a Federal Tax Obligation.  Freddie Mac does not have anything like this in place yet, just Fannie Mae.  See excerpt from the Fannie Mae selling guide below, which was just added […]

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Fannie Mae – Omitting PITI on Unsold Home: Can I omit the current PITI on a home that is not sold/closed, but one on which we have an executed sales contract?

Answer: Yes, please see the reference below. Reference: B3-6-06, Qualifying Impact of Other Real Estate Owned (06/30/2015) Current Principal Residence Pending Sale If the borrower’s current principal residence is pending sale, but the transaction will not close with title transfer to the new owner prior to the subject transaction, and the borrower is purchasing a […]

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