When qualifying for a home loan, one challenge many borrowers face is presenting irregular or fluctuating income in a way that accurately reflects their long-term earning potential. Both Fannie Mae and Freddie Mac provide guidelines that allow mortgage lenders to use an averaged income approach to assess a borrower’s ability to repay a mortgage. This…
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How Alimony Can Boost Your Home Buying Power If you pay alimony and thought it would hurt your ability to buy a home, I’ve got good news for you. Fannie Mae and Freddie Mac have updated their conventional loan guidelines, and they now treat alimony as a reduction to income rather than a debt. This…
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As of October 31, 2024, Fannie Mae has introduced new requirements that will significantly impact how property values are assessed in conventional loans. Whether you’re looking to buy a home or refinance your current mortgage, these changes make it more critical than ever to work with an experienced lender. Here’s what you need to know.…
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If you’re in the market for a mortgage and you are paying alimony, the guidelines just got easier to allow you to get a mortgage. Here’s how the new guideline will benefit you if you’re paying alimony… Previously, most mortgage companies would take an alimony payment obligation and use this debt against your income. Last…
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