{"id":6291,"date":"2017-06-12T11:23:56","date_gmt":"2017-06-12T15:23:56","guid":{"rendered":"http:\/\/teammovemortgage.com\/?p=6291"},"modified":"2020-07-13T22:29:02","modified_gmt":"2020-07-13T22:29:02","slug":"fannie-mae-loosens-guidelines","status":"publish","type":"post","link":"https:\/\/teammovemortgage.com\/blog\/fannie-mae-loosens-guidelines\/","title":{"rendered":"Fannie Mae Loosens Guidelines to Help More Buyers"},"content":{"rendered":"<p>You know those furniture store signs &#8220;Out for your business&#8221;?\u00a0 Well, Fannie Mae is out for your business!\u00a0 This year there has been a consistent flow of updates coming from Fannie Mae.\u00a0 Plus there are more coming!\u00a0 Most of these include loosening of income, asset, and credit guidelines.\u00a0 So this means more buyers should qualify compared to prior years.\u00a0 In addition to Fannie Mae making these changes, <strong>our team makes it a point to stay on top of these guidelines<\/strong>.\u00a0 Therefore we can help more buyers purchase a primary, secondary, or investment home.\u00a0 These flexible guidelines help buyers with&#8230;<\/p>\n<ul>\n<li>\n<h4>Higher debt ratios allowed up to 50%<\/h4>\n<\/li>\n<li>\n<h4>Co\u00a0signors added to help qualification<\/h4>\n<\/li>\n<li>\n<h4>Use lower student loan payments<\/h4>\n<\/li>\n<li>\n<h4>Low down payment<\/h4>\n<\/li>\n<li>\n<h4>Reduced monthly payments through reduced PMI rates<\/h4>\n<\/li>\n<li>\n<h4>Higher loan size limits<\/h4>\n<\/li>\n<li>\n<h4>Easier self employed qualifying<\/h4>\n<\/li>\n<\/ul>\n<h2>Fannie Mae Increases Debt Ratio Allowed<\/h2>\n<p>One of the biggest roadblocks to homeownership is a borrower&#8217;s <a href=\"https:\/\/en.wikipedia.org\/wiki\/Debt_ratio\">debt ratio<\/a> being too high.\u00a0 Traditionally debt ratios max out at 45% of a borrower&#8217;s qualifying income.\u00a0 Although stronger files, it was &#8220;possible&#8221; to get approvals up to 50% on conventional loans.\u00a0 But effective July 29, 2017, Desktop Underwriter, Fannie Mae&#8217;s automated preapproval system will allow up to a 50% debt ratio. Instead of needing compensating factors for this level ratio, Fannie will look at 50% as more of the norm.\u00a0 Therefore, more borrowers will qualify.<\/p>\n<h3>What if the Debt Ratio is Still Too High?<\/h3>\n<p>So what if a buyer still has a debt ratio over 50%?\u00a0 That is where we will put on our thinking caps and dig down hard to find solutions.\u00a0 Not every situation can work out, but we explore all possible options to help borrowers qualify.\u00a0 There are several ways we accomplish this. First we will look for nontaxable income which could be &#8220;<a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/07\/01\/non-taxable-income\/\" target=\"_blank\" rel=\"noopener noreferrer\">grossed up<\/a>&#8221; to a higher amount.\u00a0 Using a higher income will lower a debt ratio.<\/p>\n<p>Another option could be to review other loan products that could allow for a higher debt ratio.\u00a0<a href=\"https:\/\/portal.hud.gov\/hudportal\/HUD\"> FHA <\/a>&amp; <a href=\"https:\/\/www.va.gov\/\">VA<\/a> could allow a 55% or possible little higher ratio for instance.\u00a0 What if a debt is paid by another directly to the creditor?\u00a0 That could help with documentation.<\/p>\n<p>[av_button_big label=&#8217;Contact Us Now to See if a Fannie Mae Loan Works for You!&#8217; description_pos=&#8217;below&#8217; link=&#8217;manually,http:\/\/teammovemortgage.com\/contact-us\/&#8217; link_target=&#8221; icon_select=&#8217;no&#8217; icon=&#8217;ue800&#8242; font=&#8217;entypo-fontello&#8217; custom_font=&#8217;#ffffff&#8217; color=&#8217;theme-color&#8217; custom_bg=&#8217;#444444&#8242; color_hover=&#8217;theme-color-subtle&#8217; custom_bg_hover=&#8217;#444444&#8242;]<br \/>\nCall 844-340-6683 to speak with us<br \/>\n[\/av_button_big]<\/p>\n<h2>Fannie Mae Allows Co Signors to Help Buyers Qualify<\/h2>\n<p>So if a borrower cannot get under the 50% ratio requirement, then there is another great Fannie solution.\u00a0\u00a0A co\u00a0signor on the loan could help lower a debt ratio.\u00a0 Check out our article explaining &#8220;<a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/02\/22\/mortgage-cosigner\/\" target=\"_blank\" rel=\"noopener noreferrer\">How a Mortgage Co signor May Help You Qualify for a First Home<\/a>&#8220;.\u00a0 Also, a great benefit is a co signor doesn&#8217;t have to live in the <a href=\"https:\/\/www.zillow.com\/\">home<\/a>!\u00a0 This could even come in handy for split families.\u00a0 This is a case where one spouse would live in the <a href=\"http:\/\/www.realtor.com\/\">home<\/a> where the other spouse may need to stay behind because of a job.\u00a0 FHA loans also allow these non occupying co borrowers in case FHA is the better option.<\/p>\n<h2>Fannie Mae Income Based Repayment Student Loan Guidelines<\/h2>\n<p>Average <a href=\"https:\/\/www.navient.com\/\">student loan debt<\/a> for 2015 graduates in North Carolina is $25,645 according the <a href=\"https:\/\/www.federalreserve.gov\/\">Federal Reserve<\/a>.\u00a0 But often debts will far exceed this.\u00a0 Well, lately lending agencies have started relaxing guidelines in regards to <a href=\"https:\/\/www.salliemae.com\/\">student loan payments.<\/a>\u00a0 Conventional Fannie loans are the latest to come up with flexible qualifications when it comes to <a href=\"http:\/\/www.investopedia.com\/financial-edge\/0712\/facts-you-didnt-know-about-private-student-loans.aspx?ad=dirN&amp;qo=investopediaSiteSearch&amp;qsrc=0&amp;o=40186\">IBR<\/a> student loan payments.\u00a0 When buyers have student loan debts in IBR status, we highly suggest checking out this article on how &#8220;<a href=\"http:\/\/teammovemortgage.com\/blog\/2017\/05\/05\/fannie-mae-student-loans\/\" target=\"_blank\" rel=\"noopener noreferrer\">Student Loan Mortgage Guidelines Help More Buyers<\/a>&#8220;.<\/p>\n<h2>HomeReady Solves Down Payment Issue<\/h2>\n<p>Besides credit and debt ratio issues, down payment is typically one of the top 3 hurdles to <a href=\"http:\/\/www.homes.com\/\">homeownership<\/a>.\u00a0 Let&#8217;s say a buyer or property doesn&#8217;t qualify for VA or <a href=\"https:\/\/www.rd.usda.gov\/\">USDA<\/a> no money down loans.\u00a0 So a great option is the Fannie HomeReady option.\u00a0 It provides lower monthly payments, 3% down payment that can be a gift, and flexible credit guidelines.\u00a0 To learn the details, check out our article, &#8220;<a href=\"http:\/\/teammovemortgage.com\/blog\/2017\/04\/06\/homeready\/\" target=\"_blank\" rel=\"noopener noreferrer\">HomeReady Loans Offer Affordability to Buyers<\/a>&#8220;.<\/p>\n<h2>Lower PMI Rates Make Homeownership Affordable<a href=\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2017\/06\/private-mortgage-insurance-Copy.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-6296\" src=\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2017\/06\/private-mortgage-insurance-Copy-300x200.jpg\" alt=\"fannie mae pmi\" width=\"300\" height=\"200\" \/><\/a><\/h2>\n<p>Years ago, buyers had to put down 20% on a conventional loan.\u00a0 Then, PMI solved that issue and allowed for buyers to purchase with as little as 3% down.\u00a0 Although PMI usually gets a bad rap as only benefitting the lender, it is actually very helpful for buyers.\u00a0 Again, it allows for a buyer to put down a smaller amount.\u00a0 As of this article, <a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/12\/31\/is-pmi-still-a-tax-deduction\/\" target=\"_blank\" rel=\"noopener noreferrer\">PMI is still a tax deduction<\/a> for a primary residence and certain income limits.\u00a0 For Fannie Mae loans financing over 80%, there are several PMI options and click on each for a detailed article.<\/p>\n<ul>\n<li><a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/05\/22\/what-is-pmi-insurance\/\">Borrower paid monthly PMI<\/a><\/li>\n<li><a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/05\/22\/what-is-pmi-insurance\/\">Borrower paid single premium PMI<\/a><\/li>\n<li><a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/05\/22\/what-is-pmi-insurance\/\">Lender paid single premium PMI<\/a><\/li>\n<li><a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/10\/14\/lender-paid-pmi\/\">Lender paid PMI<\/a><\/li>\n<\/ul>\n<p>An advantage that conventional loan PMI has over USDA and most FHA loans is that the PMI may stop.\u00a0 See one of our most popular articles, &#8220;<a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/05\/22\/when-does-pmi-stop-on-fha-usda-and-conventional-mortgage-loans\/\">When does PMI stop on FHA, USDA, and conventional loans<\/a>&#8220;.<\/p>\n<h2>Fannie Mae Loan Limits are Higher for 2017<a href=\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2017\/06\/houses-with-arrow-going-up-Copy-Copy.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-6297\" src=\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2017\/06\/houses-with-arrow-going-up-Copy-Copy-300x199.jpg\" alt=\"fannie mae\" width=\"300\" height=\"199\" \/><\/a><\/h2>\n<p>For the first time since 2006, conventional loan size limits increased from $417,000.\u00a0 The conforming loan limit for most areas in the contiguous states\u00a0increased to $424,100 for a single family home.\u00a0 Additionally, there are some higher cost areas which allow for high balance conforming loans.\u00a0 These areas allow for single family loans to go up to $636,150.\u00a0 This may not seem like a lot, but for some buyers this helps avoid higher down payments of jumbo loans.\u00a0 <a href=\"http:\/\/teammovemortgage.com\/blog\/2016\/11\/25\/conforming-loan-limits\/\">Learn more details of this limit increase here<\/a>. \u00a0But also <a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/06\/12\/va-loan-limits\/\">VA loans go by these limits<\/a>, so it really helps Veterans financing up to 100%\u00a0to these amounts.\u00a0 Yes,\u00a0no money down possibly for <a href=\"http:\/\/www.military.com\/\">VA loans <\/a>to these amounts!<\/p>\n<h2>Fannie Mae Simplifies Self Employed Documentation<\/h2>\n<p>Self employed business owners, especially newer businesses, often have a tough time with income\u00a0documentation.\u00a0 Traditionally, lenders average the last 2 years of tax returns to determine a qualifying income.\u00a0 Also beginning July 29 2017, Fannie&#8217;s Desktop Underwriter states it will simplify <a href=\"https:\/\/www.irs.gov\/\">IRS<\/a> tax return documentation for many borrowers.\u00a0 DU is supposed to increase the number of borrowers eligible for the one year of personal and business tax returns documentation.\u00a0 <a href=\"http:\/\/www.freddiemac.com\/\">Freddie Mac<\/a> conventional loans already provide right many loan approvals with just one year of tax returns.\u00a0\u00a0Together, these\u00a0will help a lot of business owners qualify easier.\u00a0 Check out a few of our helpful self employed articles:<\/p>\n<ul>\n<li><a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/05\/22\/self-employed-mortgage\/\">Self employed mortgage loans are more obtainable than you think!<\/a><\/li>\n<li><a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/05\/22\/self-employed-home-loan\/\">Self employed home documentation to gather &amp; questions asked at application<\/a><\/li>\n<li><a href=\"http:\/\/teammovemortgage.com\/blog\/2016\/04\/08\/tax-return-issues-that-can-cause-delays-or-denials-when-buying-a-home\/\">Tax return issues that can cause delays or denials when buying a home<\/a><\/li>\n<\/ul>\n<p>[av_button_big label=&#8217;Contact Us Now to See if a Fannie Mae Loan Works for You!&#8217; description_pos=&#8217;below&#8217; link=&#8217;manually,http:\/\/teammovemortgage.com\/contact-us\/&#8217; link_target=&#8221; icon_select=&#8217;no&#8217; icon=&#8217;ue800&#8242; font=&#8217;entypo-fontello&#8217; custom_font=&#8217;#ffffff&#8217; color=&#8217;theme-color&#8217; custom_bg=&#8217;#444444&#8242; color_hover=&#8217;theme-color-subtle&#8217; custom_bg_hover=&#8217;#444444&#8242;]<br \/>\nCall 844-340-6683 to speak with us<br \/>\n[\/av_button_big]<\/p>\n<p>Over the years, there has been much press over the over documentation and the overly strict guidelines in mortgage loans.\u00a0 But, recent <a href=\"http:\/\/activerain.com\/blogsview\/5055245\/mortgage-rules-have-changed-so-why-are-you-still-renting-\">loosening of guidelines<\/a>, a <a href=\"https:\/\/www.linkedin.com\/pulse\/mortgage-rates-improving-economy-what-means-you-russell-smith\">low rate environment<\/a>,\u00a0and still responsible lending should create more homeownership opportunities for many.\u00a0 Reach out to our team to discuss how a Fannie conventional loan or others could help you affordably own a home.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>You know those furniture store signs &#8220;Out for your business&#8221;?\u00a0 Well, Fannie Mae is out for your business!\u00a0 This year there has been a consistent flow of updates coming from Fannie Mae.\u00a0 Plus there are more coming!\u00a0 Most of these include loosening of income, asset, and credit guidelines.\u00a0 So this means more buyers should qualify [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":6299,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5,325,17,19],"tags":[539,968,969,889,970,971,972,973],"class_list":["post-6291","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1st-time-buyers","category-pmi","category-products","category-recent-changes","tag-fannie-mae","tag-fannie-mae-debt-ratio","tag-fannie-mae-guidelines","tag-fannie-mae-homeready","tag-fannie-mae-loan-limits","tag-fannie-mae-loans","tag-fannie-mae-mortgage","tag-fannie-mae-selling-guide"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Fannie Mae Says Out for Business By Loosening Guidelines<\/title>\n<meta name=\"description\" content=\"Fannie Mae has announced a steady stream of updated 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