New Fannie Mae rules make it easier to qualify for a home loan
With the hot real estate market in Central Texas causing prices on homes to rise, many potential homeowners are finding “The American Dream” out of reach.
Self employed borrowers often take advantage of legitimate tax deductions and write-offs on their returns, making their qualifying income for mortgage purposes lower than needed.
Younger prospective buyers getting started in their careers often find that their student loan debt and lower income puts their debt-to-income ratio over the previous limits.
Now there is relief from Fannie Mae, who has just recently announced higher allowable debt-to-income ratios up to 50%!
We at Everist Mortgage just helped a business owner close on his new home purchase using these new guidelines, and the changes made all the difference.
In addition, Fannie Mae has relaxed their treatment of student loan debts. These underwriting guideline changes and others have now made it easier for borrowers to get approved and into a home of their own.
If you know someone who is self employed or would like to own their first home, please have them get in touch with me to see if these new guidelines can help.
I’d love to help anyone you know better understand their mortgage financing options!