Tag: Fannie

Attention Home Dreamers! Did You Know that a seller can contribute part of your closing costs to buy a home? Contact me for details and let’s turn that dream into a home!

Related Article Title: Fannie, Freddie, FHA, VA & USDA- HOA Fees:  Realtors in our area are talking about a new program that does not count the HOA fees.  Does any agency allow that? Answer: Fannie & Freddie say: Fannie and Freddie allow a seller (or an interested party contribution) to pay up to 12 months […]

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Fannie Mae – Current Principal Residence Pending Sale: Can you close on a new property before your present property closes?

Answer: Yes, provided you meet the following criteria. This guideline/policy applies to any/all loan types Fannie Mae offers. Remember that you need an executed purchase contract and all financing contingencies removed/cleared. Reference: B3-6-06, Qualifying Impact of Other Real Estate Owned (06/30/2015) Current Principal Residence Pending Sale If the borrower’s current principal residence is pending sale, but […]

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A Realtor credit to the borrower does not affect the borrower’s loan to value unless it exceeds the cap for an interested party contribution. Contact me first to discuss the loan structure.

Related Question: Fannie Mae & FHA – VA – Realtor Credit: Does a $500 credit from a Realtor commission to the borrower affect the LTV as an IPC (Interested Party Contribution)? [MC Chart-Interested Party Contributions-All Agencies] Answer-Fannie Mae: For Fannie Mae, an IPC does not need to be subtracted from the purchase price UNLESS you […]

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