![]() Note: If conditions of employment exist, the lender must confirm prior to closing that all conditions of employment are satisfied either by verbal verification or written documentation. The employment offer or contract mustĬlearly identify the employer and the borrower, be signed by the employer, and be accepted and signed by the borrower Ĭlearly identify the terms of employment, including position, type and rate of pay, and start date andīe non-contingent. The lender must obtain and review the borrower’s offer or contract for future employment. The borrower is qualified using only fixed base income. The borrower is not employed by a family member or by an interested party to the transaction, and This option is limited to loans that meet the following criteria: Option 2 - Paystub Not Obtained Before Loan Delivery In addition, if full or partial payments are made on an inconsistent or sporadic basis, the income is not acceptable for the purpose of qualifying the borrower. Income received for less than six months is considered unstable and may not be used to qualify the borrower for the mortgage. To be considered stable income, full, regular, and timely payments must have been received for six months or longer. Review the payment history to determine its suitability as stable qualifying income. Note: If a borrower who is separated does not have a separation agreement that specifies alimony or child support payments, the lender should not consider any proposed or voluntary payments as income.Īny other type of written legal agreement or court decree describing the payment terms.ĭocumentation that verifies any applicable state law that mandates alimony, child support, or separate maintenance payments, which must specify the conditions under which the payments must be made.Ĭheck for limitations on the continuance of the payments, such as the age of the children for whom the support is being paid or the duration over which alimony is required to be paid.ĭocument no less than six months of the borrower’s most recent regular receipt of the full payment. " Federal Property Manager's Report - Third Quarter 2019,". " Fannie Mae’s New Refinance Option Available Beginning June 5."įederal Housing Finance Agency. " Fannie Mae and Freddie Mac in Conservatorship: Frequently Asked Questions," Summary Page and. " FHFA Directs Delisting of Fannie Mae and Freddie Mac Stock from New York Stock Exchange."Ĭongressional Research Service. " Selling Guide: Fannie Mae Single Family,". " FHFA Announces Maximum Conforming Loan Limits for 2020."įannie Mae. " Federal National Mortgage Association Charter Act,". " Fannie Mae and Freddie Mac: Analysis of Options for Revising the Housing Enterprises' Long-term Structures," Pages 12-13.įannie Mae. " The Federal Response to Home Mortgage Distress: Lessons from the Great Depression," Pages 138-139. " Fannie Mae and Freddie Mac: Analysis of Options for Revising the Housing Enterprises' Long-term Structures,". In order to be eligible, homeowners must be earning at or below 80% of their area median income (AMI). The program requires a reduction in the homeowner’s interest rate by a minimum of 50 basis points and a savings of at least $50 in the homeowner’s monthly mortgage payment.
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