Sunday, November 3, 2024

Getting Pre-Authorised? Right here Is What You Want To Know

When pre-approving our Debtors, you will need to perceive the rules set by completely different lending Businesses primarily based on their revenue, employment, belongings, and scenario. Here’s a temporary overview:

Extra 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 critiques 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 main 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 businesses giving us the higher hand on the subject of qualifying debtors for a mortgage. Contact us for extra info.

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