Prior to the July 29 Fannie Mae changes, adjustable-rate mortgages required lower loan-to-value, combined loan-to-value, and high combined loan-to-value than fixed-rate mortgages. These low LTV ratios make applying for ARMs less attractive and more difficult for Americans looking to borrow more or Read more
Fannie Mae Innovates Handling of Disputed Tradelines, Sets Easier Path Toward Loan Approval
While you can certainly report errors found on your credit report, the resolution of these active disputes can take a while and take a toll on your ability to get a mortgage. That is, disputed tradelines stall the loan application process under generally strict underwriting guidelines.But that Read more
DU® Validation Service Automates Income and Employment Verification, Speeds Up Mortgage Approval Process
Big changes for self-employed borrowers do not stop at reducing the paperwork to one year of filed tax returns for income verification. Fannie Mae’s DU® validation service, as updated, automates the verification of employment and income of borrowers including those with both self-employment and base Read more
Qualifying for Mortgages Is Now Easier for Self-Employed Borrowers
Fourteen percent (14%) of respondents surveyed by the Federal Reserve Board received income from self-employment in 2016. And nearly 15 million Americans are self-employed based on Pew’s research.Up until now, it’s been widely known that there are great challenges faced by self-employed Read more
Is Your DTI High? 45%–Even 50%? You Could Qualify Under Fannie Mae’s New Rules
With the recently higher property values and record levels of debt in America today, many applicants have been pushing the upper limits of allowable debt-to-income (DTI) ratios. High DTI ratios have always been an issue, an impediment even to getting a mortgage.But the July 29th release of Read more
