Child Support, Alimony and Maintenance Income

We are getting some changes from FHLMC for the New Year. This is one that you need to be aware of asap:

Child Support, Alimony and Maintenance Income

Currently Freddie Mac requires 3 months of documentation of receipt of income if the borrower is relying on child support, alimony or separate maintenance as a basis for income qualification.

Effective with Freddie Mac Bulletin 2011‐21, borrowers must provide a minimum 6 months worth of documentation of receipt of income as opposed to the previous 3 months regardless of LP findings. This is effective with applications dated on or after January 1, 2012 and must be manually applied until LP is updated.

FNMA is expected to follow suit soon, so please be prepared.

Post #1 – Happy New Year 2012

As this is my first blog post on my newly designed website, I just wanted to say “Thank You” for visiting my blog and I promise you that I will deliver important and updated mortgage and real estate news to you on a weekly basis.  Whether a new post is about loan programs that are changing, new loan programs in the market, client examples, or real estate statistics, I will only try to publish posts that I think you need to know about. For all my referral partners, when you have time, please take a look at my new website. There is a lot of information on it regarding loan programs and what is available in today’s mortgage marketplace. At AmeriFirst Financial, we are lucky to have access to many different private banking loan programs that most other lenders so not. Besides the vanilla, conventional loan products that most loan officers have access to, we can do some really cool stuff… just click on the Portfolio Loan Programs box of my website. Until next time, Happy New Year and let’s get ready to ROCK 2012!