Tag: Fannie Mae

True or False?  Fannie Mae will not require you to pay off a collection when you finance your primary single-family residence. [Originators, reach out to those who respond and offer them your services]

True or False?  Fannie Mae will not require you to pay off a collection when you finance your primary single-family residence. [Originators, reach out to those who respond and offer them your services]

Related Article Title: When Do Collections Need to Be Paid Off? Question: I have a conventional loan borrower with a $60,000 collection.  It is not a charge off or a lien.  When I ran DU the loan was approved.  Does the collection need to be paid off?  Your chart says it does not need to […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

When Do Collections Need to Be Paid Off?

Question: I have a conventional loan borrower with a $60,000 collection.  It is not a charge off or a lien.  When I ran DU the loan was approved.  Does the collection need to be paid off?  Your chart says it does not need to be paid off, so I am verifying this.  MC Chart – […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

Which Agency Programs Allow Non-Permanent Residents?

Question: What mortgage programs are available for non-permanent residents? Answer: All agencies [Fannie Mae, Freddie Mac, FHA, VA, and USDA] will accept non-permanent residents with a valid EAD [Employment Authorization Document]. Your client should also have a document showing their type of Visa. If they do not, they can get proof of their status online […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

Refinance – Title Reporting Judgment Due to Past Due HOA Fees

Question: The title report shows a judgment for past due HOA fees. Can this be satisfied through the cash-out refinance proceeds or does it need to be paid off prior to closing? Answer: There is no real direction in the Fannie or Freddie selling guide that prevents you from using the cash-out proceeds to pay […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

What Programs Allow DACA Status Borrowers?

Question: What is the position of the agencies [or industry standards] related to DACA [Deferred Action for Childhood Arrivals] recipients? Answer: Fannie Mae, Freddie Mac, and USDA are pretty clear about accepting DACA recipients. They all are fine with that status. FHA is the one that is unclear, which means that some lenders will allow […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

Scroll to Top