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11/04/2015

Sleep Easy in Your Home


We close loans that banks won't touch
Sleep easy
Here's the tips and tricks for today' s mortgage loans 


FANNIE’S AGENCY CONFORMING PROGRAM

v  There are no minimum number of trade lines required  with DU approval.
v  Ratios are per DU
v  You can pay off debt to qualify and do not need to close the account to exclude payment from debt to income ratio
v  One time thirty day mortgage late is allowed with letter of explanation from borrower
v  Fannie will accept a “Legal Separation Agreement” in lieu of a final Divorce Decree

v  Flips (less than 90 days) allowed if Field Review supports appraised value
v  When purchasing a investment property use the market rent from the 1007 for rental income; no other documentation is required
v  Seller carry back is allowed
v  A two year land lord history is not required but if the borrower does not have a history of receiving rental income they must have a current mortgage history.
v  Fannie no longer requires there to be 30% equity in the home when converting a primary residence to non owner occupied and using rental income towards qualifying



** Most major banking lenders will still have many overlays in place excluding borrowers from these loan programs. I can close home loans that Wells Fargo, Chase and other banks deny.
Banks turn down residential mortgages that  we close. 
I have an new deal from Bank of America due to not having 2 years landlord history!


Apply now !



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