Tag: Income Limits

USDA – Income Requirements – Separated Borrowers: What are the rules for a recently separated borrower regarding income eligibility?

Answer: Following are the guidelines, but pay particular attention to the 3-month rule if you do not want to count the spouse’s income. Reference: HB-1-3555 Include the income of an applicant’s spouse, unless the spouse has been living apart from the applicant for at least three months (for reasons other than military or work assignment), […]

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Fannie Mae & Freddie Mac – HomePossible® & HomeReady®- Income Limits: If I have a married couple but only one spouse wants to be on the loan, is this acceptable for income limit purposes? 97% Financing Options Comparison – Fannie vs. Freddie Chart

Answer: That should be acceptable if both work; however, the other party cannot not be on the loan.  If you want to have both on the loan, you would have to use both of their incomes.  The only time you can consider not including income (from anyone on the loan that has employment) is if […]

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Fannie Mae Resource Documents for Selling Notice – HomeReady® Income Limit Increase – added June 2018 – Dated June 2018

By: Lloyd Rutherford, Staff Writer Fannie Mae changed their HomeReady® loan limits last month, and in this update they are issuing supporting references and marketing materials for the program.  This is great information to help you get more business! Rule Synopsis: Fannie Mae updated their income limits for HomeReady® and they have now released two […]

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USDA Updates Income Eligibility Effective June 13, 2018

By: David Hail, Staff Writer USDA issued an important update regarding income limit eligibility. Subscribers Originating or Underwriting USDA loans should read this important update along with the new income limit maps. Mortgage Currentcy has posted this update along with the PDF you will need to ensure that your USDA loans meet current eligibility. The […]

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Freddie Mac FAQ’s, Fact Sheet and Product Comparison (Home Possible™ vs. HomeOne™ – Dated April 2018-HomeOne™ Program Available July 29-2018

By: Lloyd Rutherford, Staff Writer Freddie Mac’s new HomeOne Program which debuts July 29, 2018 is set to launch.  This article provides all the information you need to understand and promote this program well. Rule Synopsis: Freddie Mac created a list of FAQ’s, a Fact Sheet and Comparison Chart to highlight their newest product addition […]

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