Freddie Mac announced some big changes regarding rental income guidelines. One of the big changes is that you do not have to own a primary residence to finance the purchase of an investment property.  You must have a housing expense, such as renting an apartment or home, but no longer need to own your residence. They also changed the requirement for calculating rental income when a property was out of service due to renovation.  Qualifying for a mortgage with rental income can be pretty complex, so let’s talk, and I’ll help you navigate your next purchase or refinance.
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Freddie Mac announced some big changes regarding rental income guidelines. One of the big changes is that you do not have to own a primary residence to finance the purchase of an investment property.  You must have a housing expense, such as renting an apartment or home, but no longer need to own your residence. They also changed the requirement for calculating rental income when a property was out of service due to renovation.  Qualifying for a mortgage with rental income can be pretty complex, so let’s talk, and I’ll help you navigate your next purchase or refinance.

ByBrandon Butler

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Paid by the Hour & Considering a Home Purchase? When you are paid by the hour vs. a salary, lenders generally average your income over a 1-2-year period, depending on your situation. But what happens if you receive an hourly increase? In that case, we can use your higher hourly wage and average your hours (not your income) over that same 1-2 year period. For some of my clients, this has helped them qualify for more, so let’s discuss your situation!
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Paid by the Hour & Considering a Home Purchase? When you are paid by the hour vs. a salary, lenders generally average your income over a 1-2-year period, depending on your situation. But what happens if you receive an hourly increase? In that case, we can use your higher hourly wage and average your hours (not your income) over that same 1-2 year period. For some of my clients, this has helped them qualify for more, so let’s discuss your situation!

ByBrandon Butler

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Considering Buying a Home? Don’t make this mistake! Suppose you receive W2 income and are considering a change to 1099 income. In that case, it will affect your homebuying ability because you cannot use that income until you have a filed tax return showing a full year of 1099 income. Let’s talk and build your roadmap to homeownership!
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Considering Buying a Home? Don’t make this mistake! Suppose you receive W2 income and are considering a change to 1099 income. In that case, it will affect your homebuying ability because you cannot use that income until you have a filed tax return showing a full year of 1099 income. Let’s talk and build your roadmap to homeownership!

ByBrandon Butler

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It’s Not Just a Credit Score Anymore!  Lenders financing homes traditionally used your credit score to determine your credit risk.  Now, lenders are required to add “Trended Credit Data” which takes a look at your pattern of credit usage over a period of time.  Credit Scores only showed a snapshot for a moment in time, whereas the Trended Data shows patterns over time.  By using both types of analysis, lenders are better able to predict future credit risk.  Have questions about your credit?  Let’s talk!
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It’s Not Just a Credit Score Anymore!  Lenders financing homes traditionally used your credit score to determine your credit risk.  Now, lenders are required to add “Trended Credit Data” which takes a look at your pattern of credit usage over a period of time.  Credit Scores only showed a snapshot for a moment in time, whereas the Trended Data shows patterns over time.  By using both types of analysis, lenders are better able to predict future credit risk.  Have questions about your credit?  Let’s talk!

ByBrandon Butler

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.