Tag: Fannie Mae

If you have a student loan with a payment based on your income, it’s a good idea to keep a copy of that agreement to prove your arrangement when applying for home financing. Curious about how a home financing lender counts student loan debt? Let’s Talk! I’m happy to answer your questions.

If you have a student loan with a payment based on your income, it’s a good idea to keep a copy of that agreement to prove your arrangement when applying for home financing. Curious about how a home financing lender counts student loan debt? Let’s Talk! I’m happy to answer your questions.

Related Article Title: Fannie Mae – Student Loans – Documenting Income-Based Repayment Amount Question: My borrower is on an income-based repayment plan for his student loan, which is $0/month. I have a statement showing the $0 payment as well as the credit report showing a $0 payment. However, processing believes I need more documentation that […]

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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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If you receive Foster Income, some home loan programs will allow you to use this income and some will not. Contact me before you start shopping for a home, and we’ll sort through your situation!

If you receive Foster Income, some home loan programs will allow you to use this income and some will not. Contact me before you start shopping for a home, and we’ll sort through your situation!

Related Article Title: Will FHA or Any Other Agency Allow Foster Care Income? Question: If my client has been receiving foster care income for over 8 years and the income is from the State, can I use this income to qualify the borrower? Mortgage Income Analyzer™ – Foster Income Answer: FHA (and USDA Rural Housing […]

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Sometimes you buy a home that requires the seller to fix a few items prior to closing and due to the weather or timing of the contractors these repairs cannot be made before closing. Depending on the types of repairs the home lender may have the seller put money into an escrow account or not require any escrow. If you would like an information sheet on this subject just comment below and I’ll send one to you!

Sometimes you buy a home that requires the seller to fix a few items prior to closing and due to the weather or timing of the contractors these repairs cannot be made before closing. Depending on the types of repairs the home lender may have the seller put money into an escrow account or not require any escrow. If you would like an information sheet on this subject just comment below and I’ll send one to you!

Related Article Title: Maximum Dollar Amount for Deferred Maintenance Repairs Question: Is there a maximum allowable dollar amount that Fannie Mae will allow to be held for deferred maintenance items?  The seller is unwilling to make these repairs prior to closing. – MTP™ Escrow Repairs & Completion Answer: Neither agency limits you for an existing […]

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If you set up a custodial account with your minor child, a home lender will need to verify the terms of the account in order to determine if the funds can be used as an asset. Let’s talk before you purchase a home to make sure you have all the details you need.

If you set up a custodial account with your minor child, a home lender will need to verify the terms of the account in order to determine if the funds can be used as an asset. Let’s talk before you purchase a home to make sure you have all the details you need.

Related Article Title: Can Custodial Accounts be Used as Assets or Reserves? Question: My client is a custodian of an account for the benefit of his minor child.  Can we use these funds for closing or reserves? Answer: Each lender will have to determine on their own whether or not funds in a custodial account […]

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