Fannie Mae, Freddie Mac, what's the difference? Who cares? All you need to know is they are pretty similar and together they make up the bulk of mortgage lending in this country, and there are a few slight differences that make one or the other the go-to loan for your needs. Here's what Fannie can do:
* Property Inspection Waivers Allowed
* 100% gift funds allowed
* Student loan payments estimated at 2% of balance
* No landlord history required
* Recently listed property OK
* Departing residence allowed, 30% equity not required
* 2106 expenses not required to reduce income when using base, bonus, overtime, and commission less than 25%
* Can purchase for elderly parent as a primary residence - parent income documentation required
Hope that helps. Feel free to contact me if you have any questions at 949.667.2887 or firstname.lastname@example.org.
- Brian Nguyen is a senior loan consultant (NMLS 659743) who learned more about this stuff than he ever intended to. The opinions expressed here are solely his own.