Tag: Tax Returns

Maximum Rental Periods & Second Homes

Question: My client owns a second home and rents it out minimally throughout the year.  I do not need this income to qualify the borrower.  If they have any rental income on their tax returns, is this still considered a second home? Answer: Fannie Mae’s second home requirements state “If the lender identifies rental income […]

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Requiring Tax Returns on a Part-Time Real Estate Agent NOT Using the Income

Question: My client has a full-time job and does real estate on the side.  We are not counting any income from real estate, but my underwriter is insisting on the tax returns for this income.  Does FHA require the underwriter to evaluate the self-employed income if we are not using it to qualify the borrower? […]

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Freddie Mac Selling Guide Updates – Bulletin 2021-4 – Dated February 3, 2021

Written by: Lloyd Rutherford, Staff Writer Mortgage Currentcy Chart – What is Considered a Large Deposits – All Agencies – Updated The selling guide updates contain a lot of little details that require your review to keep you up to date on rule changes. Rule Synopsis: Freddie Mac is updating their selling guide for a […]

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Freddie Mac Selling Guide Updates/FAQ – Bulletin 2021-2 – Dated January 15, 2021

Written by: Lloyd Rutherford, Staff Writer Borrowers with Self-Employed income are not easy in today’s COVID world, even if their business was not affected by COVID.  The interruption of income and uncertainty of continuance of income are the main players here.  Read this article to learn more about Freddie Mac’s updated guidance on documenting a […]

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Tax Returns During COVID-19

Question: Are tax transcripts required for a Fannie or Freddie loan for a self-employed borrower income? I thought I heard that they are temporarily not required due to the COVID-19 and the IRS working at less capacity. Answer: Fannie and Freddie do not require transcripts in a file UNLESS the transcript was ordered AND processed […]

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