We close loans that banks won't touch
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!