downpayment

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 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|