Freddie Updates Guidance on Qualifying Income – Bulletin 2011-21 (Effective 11-4-11)
Rule Synopsis: Freddie announced updates on their guidance for stable monthly income calculations. Retirement Income & Survivor and Dependent Benefits Type of income must be verified Must verify amount and receipt...
view the listingFannie HomePath® & HomePath® Renovation Programs: Incentives to Buy REO Properties
Fannie Home Path® – Real Estate Brokers Owned Properties First Look Option: For the first 15 days the property is posted for sale: Only owner-occupied buyers can bid Eligible for HUD’s Neighborhood Stabilization Program...
view the listingEscrow for Repairs: Existing Homes Escrow for Completion: New Homes What Fannie Mae Requires
With a number of homes still on the market with deferred maintenance and minor conditions, the flexibility to finance these homes is an important key to keeping many deals together. What many do not know is that Fannie Mae...
view the listingUSDA Explains What’s an Acceptable Outbuilding
USDA Explains What’s an Acceptable Outbuilding Finally, USDA has given us some rules about what outbuildings they’ll accept and which ones they won’t. If you are planning to offer USDA Loans financing options on rural...
view the listingUSDA Loans and the Meaning of Conventional Credit Who Qualifies?
USDA Loans and the Meaning of Conventional Credit Who Qualifies? USDA RULE: If a borrower is able to secure “conventional credit” under reasonable terms and CAN meet the requirements of a “traditional conventional...
view the listingSales Concessions and the FHA Appraisal
Sales Concessions and the FHA Appraisal FHA has very specific guidance regarding Sales Concession and how roster appraisers must consider them. Types of Concessions o Loan discount points o Loan...
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