Tag: Interested Party Contribution

Seller-Paid Special Assessment and IPC Rules

Question: Our client is purchasing a condo with a special assessment of $16,000 due 2 weeks after closing.  Our sales contract states that the seller will pay this assessment, but we are concerned this may be viewed as an Interested Party Contribution.  What is your opinion?  MC Chart – Interested Party Contributions Answer: Yes, this […]

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Fannie & Freddie – Real Estate Agent Commission as a Down Payment

Question: My real estate agent would like to gift her commission to her husband who is purchasing the property she sold to him, and he wants to use this as a down payment.  Will Fannie Mae or Freddie Mac allow this? Real Estate Agent as the Borrower – Commission Uses Chart & Gift Funds & […]

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Use of Commission Income for Closing Costs for Realtor Purchase

Question: If a real estate agent is also the buyer, can their commission be used for either down payment or closing costs? – Interested Party Contributions – Chart – NEW MTP™ – Real Estate Agent As the Buyer – How Can Your Commission Be Used to Buy a Property? Answer: Fannie Mae will restrict the […]

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Fannie Mae – Desktop Underwriter/Desktop Originator Release Notes DU Version 10.2 June Update – Dated April 24, 2018 – Effective June 23, 2018.

By: Lloyd Rutherford, Staff Writer Fannie Mae is updating DU to Version 10.2 next month.  With this update, you will need to understand what is changing and how this will affect what you input into the system so that you get the results you are hoping for.  Be sure to read through this update for […]

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