Business debt

Fannie Mae & Freddie Mac – Business Debt Guaranteed by Borrower: Do I have to count a business debt in the DTI for a loan guaranteed by my applicant but paid for by his company? Debts Paid by Others Chart

Answer: This is something that originators come by quite often. If the borrower is personally obligated on the loan you mention, even though business debt, then you will need to follow the “business debt in borrower’s name” guidelines posted in our reference section.  If, on the other hand, the business debt is in the name [...]

2019-03-25T08:53:41-05:00March 25th, 2019|

Fannie Mae & Freddie Mac – Business Debt in Borrower Name: Do I need to count a business debt that the borrower guaranteed? [CHART- Business Debt in Borrower’s Name – All Agencies]

Answer: Freddie Mac is a bit more lenient in this scenario than Fannie Mae. Freddie Mac states: Do not consider monthly payment in DTI if: The mortgage file contains evidence that the debt has been paid timely by the borrower’s business for no less than the most recent 12 months, and The tax returns evidence [...]

2019-01-25T08:26:39-05:00January 25th, 2019|

Mortgage Currentcy™ Releases 3 NEW Reference Charts – NEW Rental Income Requirements – All Agencies, NEW – Business Debt in Borrower’s Name – All Agencies, NEW FHA Manual Underwriting Guidelines PLUS Some Need-to-Know Info and Updates!

Written By: Tammy Butler, Publisher, Mortgage Currentcy™ How and Why We Add Charts and Checklists Mortgage Currentcy™ is always interested in ideas for reference materials that will make life easier for our subscribers!  These ideas generally come from two sources. If we see a topic trending in our “Ask the Experts” feature, we know that [...]

2019-01-10T10:15:01-05:00January 10th, 2019|