Q&A

Fannie Mae – Auto Allowance & Mileage as Income

Question: My client has received an auto allowance and mileage every month for 3 years. Can I use this as income, or use it to offset his auto debt? Answer: You would not be able to use the mileage rate.  Fannie Mae stripped that out of their guidelines in 2018 due to changes in the [...]

2019-08-23T15:42:24-05:00August 26th, 2019|

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, [...]

2018-12-26T07:48:32-05:00December 25th, 2018|