Fannie Mae lets lenders use a borrower’s retirement assets in one of two ways to help them qualify for a mortgage. If the borrower is already using the asset, such as a 401(k), to receive retirement income, the borrower must demonstrate that they will continue to receive regular income from that asset for at least three years.
Previously, in that situation, Fannie Mae required banks to use 1% of the balance or a full payment term. As of last week, Fannie has declared that mortgage lenders can instead use $0 as a student loan payment when determining DTI, as long as the borrower can back that up with documentation.
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Fannie Mae works closely with mortgage loan companies and other stakeholders in the real estate and finance industries to help home owners who have Fannie Mae loans to avoid a foreclosure. However, there are some situations where a foreclosure is unavoidable.
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Fannie Mae utilizes an income eligibility tool to look up the qualified income requirement based on the home’s address. Borrowers that decide to use HomeReady are required to complete an educational course that helps them prepare for the mortgage process. It is required by Fannie Mae, so borrowers know what to expect as a future homeowner.
Fannie Mae is rolling out a series of new mortgage rules that will make it easier for African-Americans, Latinos and others to qualify for home loans. Under recently announced guidelines, starting in 2016 fannie mae will require mortgage lenders to take into account non-traditional credit data from potential homebuyers, such as a person’s rent payments or utility bills.
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Many think it’s easier not to try and, therefore, not to be disappointed," says Mesa. Or, "they may know a friend or family member who had a less than enjoyable mortgage experience.
· Fannie Mae wants to make it easier for working-class and multigenerational households to get a mortgage. The mortgage-finance company said Tuesday it would roll out a program this year that lets lenders include income from nonborrowers within a household, such as extended-family members, toward qualifying for a loan.
A closely watched index that tracks mortgage credit availability – lender. now it requires no hard and fast minimum. Instead, if Fannie Mae’s and Freddie Mac’s automated underwriting systems accept.