Tag: Fannie Mae

Did You Know that Fannie Mae will allow gift funds on both a primary residence and second home? However, they will not allow gift funds on investment property.

Related Article Title: Fannie Mae’s Top FAQs – NEW MTP™ – What is The Difference Between a Second Home and Investment Property? Written by: Lloyd Rutherford, Staff Writer FAQs published by Fannie Mae are a great way to learn a lot in a quick period of time. Read through this latest FAQ release and pick […]

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First-Time Homebuyers! Fannie Mae requires that at least one borrower on the loan take a Homeownership Education class for loans with 5% or less in down payment. It’s a great way to learn more about owning your own home and understand how this will affect your overall financial goals, and it’s FREE!

Related Article Title: Fannie Mae – DU/DO Release Notes DU Version 10.3 December 2019 Update – Dated October 9, 2019 – Effective December 7, 2019 Written by: Lloyd Rutherford, Staff Writer Reading through and understanding the DU/DO release notes helps you get the answers you want or need sooner from the system. There are a […]

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Fannie Mae allows lenders to keep it simple when documenting a gift, by allowing the gift donor to send a certified check to closing. This technique prevents a lot of additional paperwork that your lender will ask for if the gift donor gives you the money directly. If you are getting a gift to purchase your new home, let’s talk first!

Related Article Title: Fannie Mae’s Top FAQs – NEW MTP™ – What is The Difference Between a Second Home and Investment Property? Written by: Lloyd Rutherford, Staff Writer FAQs published by Fannie Mae are a great way to learn a lot in a quick period of time. Read through this latest FAQ release and pick […]

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If you have a domestic partner or relative living with you and they will not be on the loan when you purchase your new home, you can still use the funds they contribute to buy that home. The lender will just need to verify that they have lived with you for at least 12 months and will continue to do so, along with evidence of a shared residency such as a driver’s license, bill or bank statement. If this sounds like your situation, let’s talk!

Related Article Title: Fannie Mae’s Top FAQs – NEW MTP™ – What is The Difference Between a Second Home and Investment Property? Written by: Lloyd Rutherford, Staff Writer FAQs published by Fannie Mae are a great way to learn a lot in a quick period of time. Read through this latest FAQ release and pick […]

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Sorry Ex-Spouses! Fannie Mae does not consider you a family member when it comes to providing a gift to your ex-spouse to purchase a home. It’s a nice gesture though!

Related Article Title: Fannie Mae’s Top FAQs – NEW MTP™ – What is The Difference Between a Second Home and Investment Property? Written by: Lloyd Rutherford, Staff Writer FAQs published by Fannie Mae are a great way to learn a lot in a quick period of time. Read through this latest FAQ release and pick […]

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