Tag: Freddie Mac

Think you don’t make enough money to own your own home? There are some great affordable financing programs available, so why don’t you give me a call and let’s talk about your situation.

Related Article Title: Freddie Mac Selling Guide Updates – Bulletin 2019-22 – Dated November 6, 2019 Written by: Lloyd Rutherford, Staff Writer Working in the affordable lending arena is a great niche that with a little education will yield you some excellent results. This article highlights some of the opportunities and recent changes in affordable […]

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Earnest Money Deposits

Question: How do Fannie and Freddie handle Earnest Money Deposits? Earnest Money Deposit Chart Answers: Freddie Mac – Earnest money deposit (EMD) When an EMD for a purchase transaction is used to qualify the Borrower for the Mortgage transaction, the Seller must obtain evidence that the EMD check cleared the Borrower’s account (e.g., copy of the canceled check, asset account […]

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Divorce Decree – Documenting a Change of Circumstance

Question: A divorce decree states that a borrower is required to pay alimony until ex-spouse is remarried or cohabitates with someone else. The ex-spouse has been cohabitating with someone for 4 years and as such my borrower has not made an alimony payment. How do I document this so that the liability is not counted? […]

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Union Worker – Using Employment History as Apprentice

Question: Does the time spent as an apprentice prior to joining the union count as work history? My client has a 2-year work history as an apprentice and less than 12 months as an actual “union” worker. Answer: Fannie and Freddie do not specifically or directly “call-out” union workers to specify two full years “in […]

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Refinance for the Purpose of Paying Off a Second Lien

Question: My client has a home improvement loan as a second lien, and he would like to refinance to combine them. Can this be done as a rate/term refinance? Refinance Loans – All Agencies Chart Answer: Fannie Mae and Freddie Mac agree on this subject. Anytime you are paying off subordinate financing for agency loans, […]

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