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Video instructions and help with filling out and completing fannie mae gift guidelines 2021
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 2021 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 to 50 percent of your income in order to qualify for the new purchase of your home which is great because it's going to increase considerably the amount of buyers that are available for this market and I think it's going to create a lot more demand for the current supply the number two is for disputed accounts so in the old days bars will bombard the current bureaus disputing any derogatory credit items the bureau's had to remove the items while I was being investigated which provided a small window for the for some bars to slip in and get a loan Fannie Mae and Freddie Mac got rights this loophole and said okay if you have dispute wing we're not going then we're not going to underwrite the loan until the dispute is resolved Saturday now with the new changes that are going to happen they will evaluate loan files with credit disputes and in some cases will not require there any further action so I hope you can understood that message so before people were in order to dispute things or to remove things from their credit with disputed with the credit agencies and they would.