When pre-approving our Debtors, it is very important perceive the rules set by completely 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.
Belongings:
Fannie Mae: Usually appears to be like at 60 days of the newest financial institution statements.
Freddie Mac: Usually evaluations 30 days of the newest financial institution assertion.
FHA: Usually examines 60 days of the newest 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 should 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 businesses giving us the higher hand with regards to qualifying debtors for a mortgage. Contact us for extra info.
