Written by: Lloyd Rutherford, Staff Writer In this month’s Fannie Mae update we have a win for refinances and clarification on age of appraisals. Rule Synopsis: Fannie Mae is updating their selling guide for a few topics. This article will focus on the topics that benefit originators. The updates announced in this Selling Bulletin that […]
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Question: My client owns a second home and rents it out minimally throughout the year. I do not need this income to qualify the borrower. If they have any rental income on their tax returns, is this still considered a second home? Answer: Fannie Mae’s second home requirements state “If the lender identifies rental income […]
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Answer: It varies. If you are using their standard products, the LTV’s are limited to 85% for Fannie Mae and Freddie. If using Freddie Mac’s Home Possible product (where there are income limitations) then the LTV is 95% and Fannie Mae’s HomeReady product still limits you to 85%. The most flexible is Freddie Mac’s Home […]
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