Fannie Mae recently announced some changes to the Selling Guide. The following changes are effective immediately for loans submitted to Crescent under Fannie Mae’s requirements.
Student Loan Payments
If a payment is provided on the credit report, that amount can be used for qualifying purposes. If the credit report does not identify a payment amount (or reflects $0), the lender may use either 1% of the outstanding balance, or a calculated payment that will fully amortize the loan based on documented loan repayment terms.
Debts Paid by Others
Documentation requirements to exclude a NON-MORTGAGE debt from qualifying ratios have been simplified. Non-mortgage debts included installment loans, student loans, and other monthly debts as defined in the Fannie Mae Guide. When documentation is provided to show the debt has been satisfactorily paid by another party for the past 12 months, then the debt can be excluded from the debt-to-income ratio calculation. This applies regardless of whether the other party is obligated on the loan.
NOTE: This does not apply if the other party is an interested party to the subject transaction such as the seller or realtor.
Student Loan Cash-out Refinance
The update introduces the student loan cash-out refinance feature, which provides the
opportunity to pay off one or more student loans through the refinance transaction. The loan level price adjustment that applies to cash-out refinance transactions is waived when are all requirements for this feature have been met.
The student loan cash-out refinance feature contains elements of both a cash-out refinance and a limited cash-out refinance transaction as described in the table that follows.
Text or call phone: (502) 905-3708
The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the views of my employer. Not all products or services mentioned on this site may fit all people
Fannie Mae Foreclosure listings in Kentucky and Jefferson County!
|350 Warren Dr||
Vine Grove, KY
|Single Family||Just Listed||$80,000||3||2|
|348 2nd Ave||
|Single Family||Under Contract||$84,900||3||2|
|1591 Hwy 42 E||
|2708 Ralph Ave||
|Single Family||Under Contract||$89,900||4||2|
|7826 Pleasure Walk Cir||
|2006 Lancelot Dr||
|1915 Rock Ridge Rd||
|2900 Park St||
|1804 Allston Ave||
|Single Family||Just Listed||$110,000||3||1|
|24 Bedinger Ave||
|Single Family||Back on Market||$119,900||3||2|
|212 Juniper Dr||
|2812 Chippewa Dr||
|424 Salt Lick Rd||
|Single Family||Under Contract||$122,500||4||2|
|1509 Clovernook Dr||
|Single Family||Under Contract||$124,900||3||3|
|142 Deer Run Drive||
|Single Family||Price Reduced||$128,900||3||2|
|6522 Cottagemeadow Dr||
|156 Old Woolen Mill Ln||
|Single Family||Under Contract||$139,900||3||2|
|1820 Huckleberry Ln||
|Single Family||Just Listed||$140,000||3||2|
|9958 Spruce Ln||
|Single Family||Under Contract||$149,900||3||2|
|21 Treestand Ct||
|Single Family||Price Reduced||$149,900||3||2|
|1030 Elmendorf Dr||
|Single Family||Under Contract||$149,900||4||3|
|122 Tracy Ln||
|101 Stoney Brooke Dr||
|Single Family||Price Reduced||$159,900||6||4|
|4283 Weavers Run||
|Single Family||Under Contract||$159,900||3||2|
|5714 Janet Lee Dr||
|Single Family||Under Contract||$171,900||3||2|
|1055 Buckland Pl||
|3344 Bluejay Dr||
|2589 Oregon Rd||
|1228 S 3rd St||
|2845 Satin Leaf Park||
|Single Family||Price Reduced||$209,900||3||2|
|2371 Creedmore Ct||
|114 Old Post Rd||
|Single Family||Just Listed||$235,000||4||3|
|11322 Top Walnut Loop||
|101 Helson Rd||
|Single Family||Just Listed||$269,900||3||2|
|952 Bristow Rd||
|5 Saddle Ridge Trl||
|Single Family||Just Listed||$299,900||3||4|
|20305 Country Club Dr||
check out the HomePath listings in Jefferson County!
Let your clients know these properties are available. Some have special incentives! Select the property address to find out more information.
Government Mortgage Products available to Kentucky First Time Home Buyers in 2014
KENTUCKY FHA MORTGAGE LOANS
- Min FICO 600
- Non-Occupant co-borrowers allowed
- 100% Gifts Allowed from family members
- Manual UW allowed but must keep debt to income ratios at 29/41% respectively and have a verifiable rent history ox30
- Non-credit qualify Streamlines No income or credit report required
KENTUCKY VA MORTGAGE LOANS
- Min FICO 620
- Manual UW
- 100% Cash Out and Zero Down Payment Home loans. Must have COE
- IRRRL OR KENTUCK VA STREAMLINE REFINACE
KENTUCKY RURAL HOUSING AND USDA RURAL HOUSING LOANS
- Min FICO 620
- 100% Max LTV, no money down financing.
- Manual UW but must have debt to income ratios of 29 and 41% respectively with a verifiable rent history 0x30
- 100% Gift Funds allowed
Kentucky Conventional Housing Loans
- 95% Financing available
- Lower mortgage insurance premiums than FHA and max loan is about $100k higher in Kentucky for A Fannie Mae Loan vs. FHA Loan
Fannie Mae Offers Closing Cost Assistance on HomePath®
On February 13, Fannie Mae announced that homebuyers may receive up to 3.5% in closing cost assistance when they purchase a HomePath® property in 27 states during the FirstLook™ period. To be eligible for the incentive, the initial offer must be submitted between , and the loan must close on or before May 31, 2014. Please refer to the February 13, 2014 Fannie Mae News Release orHomePath.com for additional details and a list of states.
Senior Loan Officer
phone: (502) 905-3708
CONFIDENTIALITY NOTICE: This message is covered by the
HomePath Financing for Kentucky Homebuyers 2012
|HomePath Mortgage loans have the following characteristics:||HomePath Renovation loans have the following characteristics:|
|HomePath Mortgage allows a borrower to purchase a Fannie Mae-owned property with a low down payment, flexible mortgage terms, no lender-requested appraisal and no mortgage insurance. Expanded seller contributions to closing costs are allowed.
Benefits to You, the Borrower
|HomePath Renovation Mortgage allows a borrower to purchase a property that requires light to moderate renovation. The one loan amount includes both the funds for the purchase and renovation – up to 35% of the as completed value, no more than $35,000.
Benefits to You, the Borrower
- Louisville Kentucky Down Payment Assistance and Closing Costs (louisvillemortgageguide.com)
- Frequently Asked Questions on Kentucky VA loans (kentuckyvaloan.wordpress.com)
- Kentucky First Time Home Buyer Grants and Loan Programs (kentuckyfirsttimehomebuyer.com)
- Lenders used 55% of fed mortgage support (cbc.ca)
- Deducting Mortgage Interest FAQs (turbotax.intuit.com)
- Learn how to avoid the clutches of Private Mortgage Insurance (PMI) (choiceofhomes.com)
- New paradigm for BFS, Non-income qualified borrowers (donaldbwilson.wordpress.com)
Kentucky Fannie Mae HomePath® Buyer Incentive
Fannie Mae is currently offering buyers up to 3.5% in closing cost assistance through June 30, 2011.
The HomePath property buyer must meet the following qualifications to be eligible:
- Buyers and/or selling agents (the agent representing the buyer) must request the incentive upon submission of initial offer in order to be eligible.
- The initial offer must be submitted on or after April 11, 2011 and close by June 30, 2011. If an initial offer was made prior to the effective date, the offer is not eligible for the incentive.
- The sale must close on or before June 30, 2011. No exceptions will be made to this deadline.
- Only buyers purchasing a HomePath property as their primary residence may receive up to 3.5% in closing cost assistance. Second homes and investment properties are excluded from the incentive.
- Buyer must sign the Owner Occupant Certification Rider to the Real Estate Purchase Addendum.
- If a buyer’s total closing costs are under 3.5%, the difference will not be available as a credit to the buyer.
In a few states, a bonus promotion may be available to selling agents who close on an owner occupant property meeting the above terms & conditions.
Retail and public entities are eligible for the incentive; however pool and auction sales are not eligible.
The incentive may not be available for a property where Fannie Mae acquired the property in connection with financing under a reverse mortgage. Ask the listing agent for details
Fannie Mae reserves the right to remove any property from promotion or end the promotion at any time. Any dispute over the payment of the incentive shall be resolved by Fannie Mae in its sole discretion.
Buyers should consult their lenders for guidance on financing. Lenders and mortgage products may impose their own limitations on the use of the 3.5% incentive. For example, the lender may consider the incentive a Seller Contribution and limit the amount to 3.0%. In those instances, the remaining 0.5% will no longer be available to the buyer.
Fannie Mae’s innovative First Look marketing period contributes to neighborhood stabilization by encouraging home ownership. During this period, owner occupants who occupy the home as their primary residence, some non profits, and public entities and their partners can submit offers and purchase properties without competition from investor offers.
The First Look period is typically the first 15 days a property is listed on HomePath.com, except Nevada where it is 30 days. Properties within the First Look period include a countdown clock on the property details page, which displays the number of days remaining for negotiation with eligible purchasers.
Investor offers submitted after the expiration of the First Look period will be considered along with all other offers.
Ask a Fannie Mae listing broker for more details
If you are concerned that the First Look marketing period is not being handled appropriately on a particular property, please contact the Fannie Mae Resource Center immediately at 1-800-732-6643.
Many state and local housing authorities offer financing programs that can assist you with the purchase of your new home. These public funds programs can provide down payment assistance, counseling, and more for those who qualify.
Currently many local housing authorities and non-profit groups are offering HUD’s Neighborhood Stabilization Program funds through special financing programs for homebuyers. For more information about the NSP programs available in your area, please click here.
Fannie Mae is committed to meeting the mortgage and housing needs of communities across the country, therefore buyers using public funds are very important to us. Fannie Mae supports buyers using public funds in many ways, including the following:
- The earnest money requirement for individuals using public funds is only $500. Fannie Mae waives the earnest money requirement for public entities using public funds to purchase a Fannie Mae owned property
- Once an offer using NSP funds is accepted, Buyers have the opportunity to renegotiate their offer after receiving an NSP required Uniform Residential Appraisal value for the property.
- The standard closing period for a public funds offer is 45 days, which allows the time it may take to fulfill the NSP requirements for funding.
- During the initial listing and marketing period of a Fannie Mae owned property, Fannie Mae will only consider offers from Buyers using public funds, and Owner Occupants. This period is known as the ‘First Look’ marketing period. The ‘First Look’ period shelters these buyers from competition from investor offers during this time.