Tag: Eligibility

Fannie and Freddie Publish Refinance & Home Purchase Eligibility Requirements for Borrowers in Forbearance – FNMA LL-2020-03 – Updated May 19, 2020 and FHLMC Bulletin 2020-75 – Dated May 93, 2020 and FHFA Media Announcement – Dated May 19, 2020

Written by Lloyd Rutherford, Staff Writer Rule Synopsis: The GSE’s (Fannie Mae and Freddie Mac), at the direction of their regulator (the FHFA), have released information on temporary eligibility requirements for borrowers who are in forbearance, or recently ended their forbearance and are now looking to refinance an existing home or buy a new home. […]

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Fannie Mae Updated FAQs for COVID-19 Impact – Dated April 8, 2020 & FNMA publishes DU/DO Release Notes Dated April 6, 2020

Written by: Lloyd Rutherford, Staff Writer There are more and evolving updates from Fannie Mae as we navigate through the COVID-19 pandemic.  All conventional lenders need to read through this update! Rule Synopsis: Fannie Mae updates the FAQ document for questions related to the COVID-19 impact to the business and also released an April update […]

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VA – Married Veterans – Combining Eligibility: If a married couple are both Veterans, can we combine their eligibility for high-cost areas to lower the down payment?

Answer: Unfortunately, no.  VA has a set 25% maximum guaranty of the area loan limit per LOAN, not per entitlement used.  So even though you may split the entitlement used between two veterans, the amount of down payment required doesn’t change. Social Media Post: VA does not allow two married veterans to combine their eligibility […]

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Fannie Mae Updates their Fact Sheet for Community Seconds and their Community Seconds Checklist – Dated July 2018

Written By: Lloyd Rutherford, Staff Writer If you understand how to use community seconds, especially in high cost areas, you have a leg up on your competition!  Read this article to understand how these are used and how they can help you gain more business. Rule Synopsis: Fannie Mae recently updated their requirements for Community […]

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Fannie Mae Fact Sheet – Underwriting Borrowers without Traditional Credit – “Automating a Manual Process” – Dated April 2018

By: Lloyd Rutherford, Staff Writer Non-Traditional credit does not mean “no mortgage”.  In fact, lenders who do not offer underwriting options for borrowers in this category significantly increase their risk for fair lending violations.  Read this update to learn what Fannie has to say about borrowers without traditional credit. Rule Synopsis: Fannie Mae created a […]

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