Bloggers ....this just in from one of my trusted lender contacts.....
Major changes continue. I've attached Fannie Mae's new guideline about borrowers qualifying if they are keeping their current home and renting it out. If that's the case, we can't count 75% of the monthly rent unless they owe 70% or less against that house as determined by a BPO, appriasal, or AVM which is a computerized value. THey also must have 6 months PITI in reserve for both houses unless DU approves them with less. Bottom line, don't assume they can keep their current house a rental until I get them pre-approved for it. Take care.
If you want a copy of the new guideline that was attached please email me. Heidi
1 comment:
thanks for the info could you send me the new rules, we are first time homebuyers and did not know about this. thanks
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