Fannie Mae is at it again with more guideline loosening to open up qualifying options. See below for more about these changes.....
Hopefully history isn’t working to repeat itself as Fannie Mae has once again relaxed guidelines.
TWO MAIN CHANGES:
- Reduced tax return requirement - Self-employed borrowers can once again qualify with one-year's worth of tax returns instead of automatically needing a two-year history.
- Reduced down payment requirement - High balance loans (loan amounts between $417,000 - $625,500) are once again allowing only 5% down payment.
HOW YOU CAN USE THIS:
These new guidelines being released in mid-December will allow more borrowers to qualify. Of course this will help open up options for sellers with increased buying demand. Feel free to educate your clients with this information.
Contact us if you have any questions...we’re here to help!