When pre-approving our Debtors, it is very important perceive the rules set by completely different lending Companies primarily based on their earnings, employment, belongings, and scenario. Here’s a transient overview:
Time beyond regulation, Bonus, Fee:
- Fannie Mae: Requires a minimal 12-month historical past of receipt.
- Freddie Mac: Requires a minimal of two years.
- FHA: Considers a minimal 12-month historical past of receipt.
Half-time employment:
- Fannie Mae: Requires a minimal 12-month historical past of receipt.
- Freddie Mac: Requires a minimal of two years.
- FHA: Requires a minimal of two years.
Property:
- Fannie Mae: Sometimes seems at 60 days of the latest financial institution statements.
- Freddie Mac: Sometimes opinions 30 days of the latest financial institution assertion.
- FHA: Sometimes examines 60 days of the latest financial institution statements.
Non-mortgage charge-offs, collections:
- Fannie Mae: Permits limitless quantity to stay unpaid solely on a major SFR.
- Freddie Mac: LPA determines what stays open or have to be paid off.
- FHA: Requires disputed accounts over $1,000 to be paid off and non-disputed accounts over $2,000 to be paid off or use 5% of the stability in DTI.
At MortgageDepot we work with all 3 lending companies giving us the higher hand in relation to qualifying debtors for a mortgage. Contact us for extra info.