Tag: Fannie Mae

How Can a UCC Filing on Business Debt Affect LTV?

Question: If there is a UCC filing on a mortgage title, and they are willing to subordinate the UCC lien, does that count in the CLTV and HCLTV? Answer: Yes, even if they subordinate, it will be considered in the CLTV.  Please see the guideline reference below. Reference:B2-1.2-04 – Subordinate Financing Subordinate Financing Requirements Fannie […]

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Federal Student Loan Debt in Collection

Question: If a client has a Federal Student loan in collection, are there any FHA or conventional options? Mortgage Currentcy – Collections & Judgments Chart – All Agencies Answer: Fannie Mae Says: For conventional loans there is no difference on where the collection account originated from (personal credit, federal credit and so on).  A collection […]

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Calculating FMLA [Family& Medical Leave Act] Income

Question: My client has been employed by the same company for 7 years, but is presently on FMLA and expected to return in a month or two.  How do I calculate this income? Answer: This is addressed in the Fannie Mae selling guide, and you would just follow the “Temporary Leave Income” requirements that I […]

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FMLA Income can be used to qualify for a home loan. Lenders consider this “Temporary Income” and will consider the circumstances of the temporary income by reviewing the estimated time before returning to work and the amount of liquid reserves that you have available. If you are receiving temporary income you may still be able to buy or refinance now, so let’s talk!

Related Article Title: Calculating FMLA [Family& Medical Leave Act] Income Question: My client has been employed by the same company for 7 years, but is presently on FMLA and expected to return in a month or two.  How do I calculate this income? Answer: This is addressed in the Fannie Mae selling guide, and you […]

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Delinquent Student Loans & Owning a Home – Did you know that under the Debt Collection Improvement Act, home financing lenders will accept a repayment plan for your collection? If this is holding your back from owning your own home, let’s talk.

Related Article Title: Federal Student Loan Debt in Collection Question: If a client has a Federal Student loan in collection, are there any FHA or conventional options? Mortgage Currentcy – Collections & Judgments Chart – All Agencies Answer: Fannie Mae Says: For conventional loans there is no difference on where the collection account originated from […]

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