Hi guys good afternoon my name is Andres Morales I'm a local real estate broker with Bonaventure Realtors here in California I'm also licensed in the state of Florida in the state of Washington so I want I received an email from a local loan officer and they send me some really good information about some sending any changes that are happening July 29 2023 some of the changes that are going to be Fannie Mae's gonna enhance or change within their underwriting guidelines are going to be changes to the debt to income ratio some changes to disputed accounts some changes to self-employment documentation some changes to the way the student loan cash out refinance is handled as well as some changes to the arm loan to value increases that they're going to be having as well as treatment on some time shares or on how they treat a due time shares on your credit report so let's go ahead and get started okay so starting July 29th the debt to income ratio currently which is 45 is the maximum that the ratio a borrower can have in order to qualify for a loan will be increased to a new maximum of 50 percent so the debt to income ratio is exactly that it's the lender uses the debt divided by the income in order to come out with a percentage that percentage is what they use in order to qualify for a loan currently the max is 45% if you do have your debt to income ratio is higher than now let's say 45 and 50% most likely will go for an exception depending on underlying circumstances and then from there the lender could approve you however with the new enhancement you can go all the way up...
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Fannie mae gift guidelines 2023 Form: What You Should Know
The borrower would be required, if requested, to repurchase the loan if Fannie Mae subsequently Sell Guide — Fannie Mae Sep 26, 2023 — B3-5-17, Lender Record Information (Form 4) (07/01/2017). . . . . . . . . 181 B3-5-06, Fannie Mae Disclosures (06/28/2018) Fannie Mae's New Mortgage Services Policy (SNMP) states that for a purchase transaction, a lender is required to accept payment of the purchase price using a single payment. The lender has the option of using all, some, or none of the purchased security. This payment method provides an additional safety net for borrowers whose payments are not sufficient to cover the remaining principal balance. There are several ways to select each payment method. . . . . . . 181 B3-5-00-002 (07/01/2017). B4-1-01, Mortgage Services Requirements (05/25/2016). Selling Guide — Fannie Mae May 18, 2023 — G4-1-001, Payment Method (05/25/2016). A4-2-04, Lender Record Information (Form 582) (01/31/2017). B3-5-06, Fannie Mae Disclosures (06/28/2018) Selling Guide — Fannie Mae Dec 13, 2023 — Lending Guidelines for Subprime Mortgages (05/29/2018). B5-5-10, Loan Considerations for Disqualified Lenders (07/01/2018). A4-2-03, Lender Record Information (Form 582) (01/31/2017). B3-5-00-003, Payment Method (05/25/2016). . . . . . . . . 181 B3-5-02, Borrower Information (07/04/2018).
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