Tag: Fannie Mae/Freddie Mac

If you receive note income, a home lender will likely require that you have a formal note, have received the payments for at least 12 months, and can document that the remaining term of the note payments are at least 3 years. Questions? Contact me to discuss your situation!

If you receive note income, a home lender will likely require that you have a formal note, have received the payments for at least 12 months, and can document that the remaining term of the note payments are at least 3 years. Questions? Contact me to discuss your situation!

Related Article Title: Calculating Family Business Income in a Buyout Question: A mother and daughter owned a company at 50/50 for years.  Earlier this year, the mother retired and sold her portion of the business to her daughter (the other 50%).  The daughter’s obligation is to pay the mother $1,000/month for 15 years and we […]

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Most home loan lenders require a client to pay a portion of their property taxes, and insurance(s) each month as part of their house payment. This portion collected by the lender each month goes into an account called an escrow account that is used to pay the property tax bill and insurance policies. This is a great way for homeowners to pay a little over time vs. getting a huge bill once or twice a year that may strain their budget.

Most home loan lenders require a client to pay a portion of their property taxes, and insurance(s) each month as part of their house payment. This portion collected by the lender each month goes into an account called an escrow account that is used to pay the property tax bill and insurance policies. This is a great way for homeowners to pay a little over time vs. getting a huge bill once or twice a year that may strain their budget.

Related Article Title: Will Fannie or Freddie allow an escrow waiver for flood insurance? Question: Do either Fannie Mae or Freddie Mac allow escrow waivers when a property is in a flood zone, or is it mandatory to escrow? Flood Insurance Requirements – All Agency Chart Answer: Escrow waiver policies for Fannie Mae and Freddie […]

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If English is not your first language, you may feel intimidated by the home financing process. We have resources to help you understand financing a home that are written in your native language. Contact me and let’s discuss.

Related Article Title: Fannie Mae & Freddie Mac – Resources for Limited English Proficient Borrowers Written by: Lloyd Rutherford, Staff Writer Fannie Mae, Freddie Mac and the CFPB are making it easier for lenders to step outside of their comfort zone when it comes to providing loan documents in other languages. This update reviews what […]

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Loan limits for non-jumbo home loans are increasing and are available for loans closing on or after January 1, 2020. If you are presently in the jumbo loan market, this may be reason to close after the first of the year. Contact me and let’s discuss your situation!

Related Article Title: Fannie Mae – Freddie Mac – FHFA Announces Maximum Conforming Loan Limits for 2020 Written by: Lloyd Rutherford, Staff Writer By now you have likely heard about the conforming loan limit increases, but you may not have been informed about all of the little details that go along with these changes. Be […]

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Did you know that when you find a home to purchase, the contract will call for an “Earnest Money Deposit”? This is a “good faith” deposit that you are submitting with the contract to show the seller you are serious about purchasing their property. If you do not get the home financing, it is usually refundable to you if you make that part of your contract.  If you do get home financing, the lender will apply this to the amount you need to close. Questions? Call me first!

Related Article Title: Earnest Money Deposits Question: How do Fannie and Freddie handle Earnest Money Deposits? Earnest Money Deposit Chart Answers: Freddie Mac – Earnest money deposit (EMD) When an EMD for a purchase transaction is used to qualify the Borrower for the Mortgage transaction, the Seller must obtain evidence that the EMD check cleared the Borrower’s account (e.g., copy […]

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