Business Assets

BUSINESS ASSET DOCUMENTATION REQUIREMENTS Asset StatementsFannie Mae: Two months of business asset statementsFreddie Mac: Three months of business asset statements when using business assets to analyze the health of the business. Otherwise, one month business asset...

Business Tax Returns

Business returns are always required for self-employed borrowers for businesses from which income is being used to qualify. If 1040s show a business loss, the underwriter will include the loss but does not need to condition for business returns.Business tax returns...

Alimony – Child Support – Separate Maintenance Payments History

No less than 6 months of the borrower’s most recent regular receipt of payment is required to document alimony/child support/separate maintenance as income.No less than 6 months of the borrower’s most recent regular receipt of full payment is required to document...

First-Time Homebuyer Counseling Tools

EDUCATION COURSES FOR YOUR HOMEREADY® AND HOME POSSIBLE® BORROWERS When borrowers purchase their first home through the HomeReady® or Home Possible® programs, they are often required by Fannie Mae or Freddie Mac to complete a homebuyer education course to help them...

FHA HOME LOANS

What is a Bank Statement Loan Program?

With Bank Statement Mortgage Loan Program, the borrower provides monthly bank statements instead of their tax returns, W-2s or pay stubs to verify their monthly income. Borrowers use bank statement loans because they may not be able to or want to provide the documents required to qualify for a traditional mortgage.

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