Tag: Guarantor

Fannie Mae & Freddie Mac-Co-Signor on Deed: Does Fannie Mae or Freddie Mac require a cosigner to be on the deed?

Answer: Fannie Mae guidance is clear that they would sign the deed, but Freddie guidance is less informative.  If you are trying to avoid the co-signer signing the deed, Freddie may be an option, subject to lender interpretation, but as mentioned, Fannie would require them to be on the deed. Reference:  Fannie Mae B2-2-04, Guarantors, […]

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Compliance – Ability to Repay – Guarantor: Can you advise if the non-occupant’s income can be included in the ATR-Residual calculation?

Answer: As a guarantor, that party is not considered a consumer for ability to repay. So, their income should not be included. Reference: RESPA – 1026.2(a)(11) [Article Published in Question & Answer Issue – November 25, 2018] Copyright © 2018 – Mortgage Currentcy – All Rights Reserved

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