If you asked a loan officer what the minimum credit score was for a Conventional loan they would tell you 620. That is true for Fannie Mae. …However, it’s not necessarily true for Freddie Mac. If we can get an automated approval with Freddie Mac with a credit score under 620 – we can do…
I wanted to spotlight a loan program for you. We have a 1% down Conventional product down to a 620 credit score. …also, the 1% down can be a gift. Requires home buyer education. Being a first time home buyer is not required. There are county by county income limits on this program. If you…
Here’s a few examples of when you would want to use Fannie Mae for your Conventional loan instead of Freddie Mac. If you are self employed, and have no business tax returns… Go Fannie Mae. If Borrower has been self-employed for 5 years or more, you only need to provide 2 years of personal tax…
Here’s a couple of benefits of using Freddie Mac over Fannie Mae on your conventional loan… Freddie is a little easier on Asset Verification. Freddie will just ask for your most recent 30 days’ bank statements. Freddie is more aggressive on additional income calculation. Freddie DOES NOT require a 2-year average and a YTD calculation…
No mortgage post today. I want to pass on a little tip for you. I have an Android phone, and unfortunately this tip is only for Android users. (I’m sure there is a corresponding app for IPhone users) Download an application in your Chrome browser called Mighty Text. Mighty Text connects with your android phone,…
Thoughts and prayers go out to everyone involved in the flooding. This is probably self evident, but if you were in the process of buying or selling a house in an area affected by the flooding then you are going to experience delays. From a lenders perspective they will often delay closings until the home…
I run into alot of self employed people that “maximize their deductions” on their tax returns. They make money, but they don’t show alot of income on their tax returns due to their deductions. They may have great credit, but they can’t get a mortgage because they don’t show enough income. We have bank statement…
Remember, two pretty big changes recently happened with Fannie Mae… Before July 29th it was very difficult to get an approval with a debt to income ratio over 45%. Now, Fannie will allow up to 50% debt to income ratio. The guidelines will ask for only one year of tax returns for self employed borrowers,…
Starting July 29th there are some changes coming down for Fannie Mae. All of these listed below are GOOD news! …More people will become eligible for loans. * DU will allow up to 50% DTI without requiring any compensating factors * If you get an approved/Eligible with disputed trade lines more often than not the…
I hope you had a good weekend! When you sell a personal asset such as a car or boat to raise money for a down payment to buy a house here is what you will need to show the underwriter to use the funds… • The ownership of the asset (proof) • The transfer of…