Fannie Mae updates to underwriting and mortgage loans available
FNMA selling
Guide update on rental income, self-employment, manufactured housing, and
2-unit max LTV changes
They have
aligned the calculation of rental income for the subject property and
non-subject property more closely. And they are also mirroring Freddie’s
receipt of 2 month’s rental income when using a lease agreement vs 1040s.
Self-Employment
can be used with less than a 2-year history BUT the prior year’s taxes must
reflect no less than 12 months of self-employment, business or personal.
Existing
Manufactured homes now only require the Data Plate OR the HUD Label, not both.
FNMA is also
increasing the max allowable LTV on 2-unit primary residences next month.
Good news for conventional lending
Details here in the announcement:
https://www.fanniemae.com/newsroom
