Rental Income

Fannie/Freddie – Using Rental Income on Exiting Property

Question: If a client wants to rent out the property they are currently living in and needs to use that income in order to qualify for their new primary residence, how is this done? Answer: When converting a current primary residence to a rental / investment property, Fannie will allow you to use the positive [...]

2019-08-21T10:05:11-05:00August 26th, 2019|

Fannie Mae’s Top Trending Questions – Dated May 2019

Written by: Lloyd Rutherford, Staff Writer Keeping up with rule changes is a challenge for even the most experienced underwriter or originator. That is part of the value of Mortgage Currentcy! In this article, Fannie Mae has updated their “trending questions” to keep you even more in the know! Rule Synopsis: Fannie Mae FINALLY updated [...]

2019-08-09T13:29:44-05:00August 12th, 2019|

FHA – Qualifying Rental Income on 2-Unit Property: Does FHA specify that the smaller unit must be used when qualifying a borrower with rental income? Chart-Rental Income Requirements – All Agencies

Answer: No. FHA does not require that the smaller unit be used for qualifying purposes. That said, expect an underwriter to review the practicality of the borrower using the smaller unit as their primary residence. For example: If the borrower is the only occupant, and the units are a 1 bedroom and a 3 bedroom, [...]

2019-06-19T11:34:59-05:00June 25th, 2019|