Fannie Mae Selling Guide Updates – SEL-2023-05 – Dated June 7, 2023
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Manufactured Home Update! Conventional financing using temporary buydowns is now available for manufactured homes. This includes single-wide or larger. This is excellent news in a higher-rate environment because it can lower your payment for the first couple of years. If this sounds interesting, please DM me, and let’s talk!
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Big Win for ARM Financing! Fannie Mae will now use the Note rate to qualify a borrower on a 7 or 10-year ARM. Previously, they required the borrower to qualify at the higher of the note rate or the fully indexed rate. 7 & 10-year ARM rates are generally lower than fixed-rate financing and may be a good fit for clients who only need a fixed rate for a 7-10 period of time. If this option sounds interesting to you, let’s talk!
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Fannie Mae Unnumbered Selling Notice – Effective Date Announcement for Main Living Area Photographs in Appraisals – Dated May 24, 2023
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Gift Letter Amounts & Post Closing Audits
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Fannie Mae Appraiser Update – Dated March 2023
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Fannie Mae Selling Guide Updates – SEL-2023-04 – Dated May 3, 2023
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Fannie Mae Issues Multiple Risk Self-Assessment Checklists – Released May 2023
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Fannie Mae Updates Medical Collection Rules! Medical collections are no longer required to be paid off. This is not true of all collections, so if you have a collection, let’s talk and find a great solution for you to finance a new home or refinance your current home.
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Real Estate Agents! Big news just released from Fannie Mae! You can now use your real estate commission for your down payment. Previously, your real estate commission could only be used for closing costs. Let’s talk about sharing this great news in one of your sales meetings.
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Fannie Mae Issues FAQs for Prefunding and Post-Closing QC Requirements – Dated February 2023
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Fannie Mae Releases Updated FAQs for Condo Project Manager – Dated March 1, 2023
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Fannie Mae – LL-2023-02 for Shared Equity – Dated March 8, 2023
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Fannie Mae Selling Guide Updates – SEL-2023-03 – Dated April 5, 2023
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Did you know you can purchase a 2-4 unit property, live in one of the units, rent the other units, and cover all or most of your house payment? It’s true! I have many clients buying and financing this type of property to build equity and let the renters pay for a portion of their house payment. The programs to finance this type of home are the same programs for single-family homes. If this sounds interesting, let’s talk!
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