Fannie Mae Requirements on Calculating Rental Income when using a lease agreement or the comparable rent schedule from the appraisal.
When current lease agreements or market rents reported on Form 1007 or Form 1025 are used, the lender must calculate the rental income by multiplying the gross monthly rent(s) by 75%. (This is referred to as “Monthly Market Rent” on the Form 1007.) The remaining 25% of the gross rent will be absorbed by vacancy losses and ongoing maintenance […]
Underwriting Tip of the Week
FHA Disputed Derogatory Credit When reviewing your borrower’s credit report for an FHA loan, we need to assess any delinquent derogatory trade lines. If a borrower has $1000 or more collectively in Disputed Derogatory credit amounts, we are required to manually downgrade the loan that receives or received a AUS Approval recommendation. This refers to […]
Student Loan Repayments
Did you know that the US Department of Education is requiring borrowers to start making payments on COVID relief deferred student loans this October? Please see the attached Conventional and Government guidelines regarding student loan payments and let us know if you have any questions. GOVERNMENT LOANS FHA We may exclude the payment from […]
ZERO FLEX PROGRAM
Hub City Lending offers one of the best zero down payment programs available in the market. Please see attached our lenders most current flyer.
Grossing Up Non-Taxable Income
Did you know that you can gross up non-taxable income? We have provided the guidelines for each agency below. Please read each guideline carefully, as they are all different and very specific in calculation requirements. FANNIE MAE FREDDIE MAC FHA VETERAN LOANS
Personal Gifts & Gift of Equity
Did you know that FNMA has updated guidelines to allow personal gifts and gifts of equity from an acceptable donor who is also the seller of the subject property?
FEMA Declared Disaster Requirements
Did you know that if the subject property is in a FEMA declared disaster area there may be additional requirements to consider? Please see the conventional and government requirements below. Conventional Loans Appraisals completed on or before the incident period end date. Prior to Approval/Closing and Purchase(NDC), Windsor Mortgage will require a post-disaster inspection confirming […]