Enterprising individuals into buying and selling homes can take advantage of Fannie Mae’s multiple financed properties program. But not all lenders offer this option due to the challenge of underwriting a borrower with existing mortgaged properties of up to 10. There’s also the complex calculation Read more
Starting a New Job? You Can Use Your Employment Offer to Qualify for a Mortgage
Fannie Mae is making it easier for borrowers changing jobs to qualify for a home loan and document their income through an update in its employment offer policy.Stability of income is an important aspect of any mortgage underwriting. This leads to the common belief, a fair warning to all, that Read more
More Appraisal-Free Mortgages as Fannie Mae Expands Property Inspection Waiver
More homeowners and homebuyers can hope for appraisal-free transactions as Fannie Mae’s property inspection waiver is in full swing. Approvals on conventional loans with no appraisal are expected to climb, reducing the costs and time it takes to get a mortgage.An appraisal is a staple in any 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
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
