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When pre-approving our Debtors, you will need to perceive the rules set by totally different lending Businesses based mostly on their earnings, employment, property, and state of affairs. Here’s a transient overview:Additional time, 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: Usually seems at 60 days of the latest financial institution statements.
Freddie Mac: Usually critiques 30 days of the latest financial institution assertion.
FHA: Usually 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 steadiness 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 data.
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