down payment

Fannie Mae – Using Bit Coin as a Down Payment

Question: I have a borrower who is using a bit coin account for their down payment. There are no statements, so how do I document this? Answer: Great question. I recently reached out to Fannie Mae on this topic and here is their response: Reference: Fannie Mae’s current position is that Bitcoins and other types [...]

2019-08-21T10:29:31-05:00August 26th, 2019|

Fannie Mae & Freddie Mac – HomePossible® & HomeReady®-Gift: Is a 3% gift of equity, used for down payment purposes, allowed on a HomeReady® or HomePossible® from an Aunt/Uncle? Gift Funds and Gifts of Equity – All Agencies – Chart

Answer: Both agencies allow gift of equity as the source of down payment for a HomeReady or Home Possible mortgage.  A lender can choose to overlay that ability, but Fannie and Freddie do not prohibit when the donor is an eligible donor.  However, the property must be a one-unit single family dwelling (Condo/PUD okay), and [...]

2019-05-22T13:05:38-05:00May 24th, 2019|

Fannie – Manufactured Homes – Land Equity as Down Payment – Can equity of land owned by borrower be used as their down payment for a Manuf. Home Loan? [Manufactured Homes Reference Chart & New MTP™ – Using Land Equity for a Down Payment]

Answer: Yes! When a borrower owns a lot, which will have the manufactured home permanently attached to it, this value/equity may be credited toward the borrower’s minimum down payment requirement. Reference: Fannie Mae-Delivering Manufactured Housing Loans FAQ-Attached below for your convenience Here’s How it Works: If the land was purchased 12 months or less from [...]

2018-09-25T09:48:14-05:00September 21st, 2018|

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 [...]

2018-08-23T15:50:05-05:00August 22nd, 2018|

Mortgage Currentcy™ Calculator – Simplifying the VA Loan Calculation-NEW Mortgage Currentcy™ Calculator!

By: Tracey Rumsey, Staff Writer Mortgage Currentcy™ gets a lot of questions regarding how to calculate the down payment when there is partial eligibility or where sales prices exceed county limits. To help you figure this out, we developed an easy-to-use calculator. Read more to find out why VA lenders will love this! Rule Synopsis: It’s [...]

2018-07-13T13:32:37-05:00July 9th, 2018|