Two Recent Changes To Fannie Mae That Might Help You…

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, instead of two years (previous guideline).

If you think either of these guidelines would help you, or you have questions about them – give me a call or shoot me an email.

That’s it for today!

Have a good day today! …and thanks for reading.

Brett

Get Pre Approved For A Loan Here.

My Previous Blog Posts

Big Changes From Fannie Mae At End Of July…

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 disputed tradelines will not have to be addressed
* More Self Employed borrowers will be eligible for 1 year tax returns
* Tax Liens/Judgments will not show up on credit reports anymore
* Cash-out to pay off student loans will be treated as Rate/Term. No Cash out hit.
* Timeshares are always treated as installment loans.

That’s it for today!

Have a good day today! …and thanks for reading.

Brett

Get Pre Approved For A Loan Here.

My Previous Blog Posts

How To Sell An Asset For Down Payment On A House…

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 ownership of the asset with its sale, such as a bill of sale or a statement from the
purchaser

• The receipt of the proceeds of the sale, such as a deposit slip, bank statement, or copy of the
purchaser’s check

That’s it for today!

Have a good day today! …and thanks for reading.

Brett

Get Pre Approved For A Loan Here.

My Previous Blog Posts