What is the maximum allowable ratios for an owner occupant when using a non-occupant co-borrower per Fhlmc guidelines?
Loan Ratio and Down Payment The maximum loan-to-value ratio of 96.5%, with as little as 3.5%* down payment.
Who can be a non-occupant co-borrower Freddie Mac?
Below are the Freddie Mac Non-Occupant Co-Borrower Guidelines And Eligibility Requirements On Conventional Loans: Need to be an owner-occupant primary home. Need to be a single-family home that includes townhomes and/or condos. Manufactured homes, co-ops, and homes sitting on over 10 acres are not eligible.
Does Fannie Mae allow non-occupant co-borrower?
The non-occupant borrower income flexibility is available for all Fannie Mae loans, including HomeReady® mortgage. For more information on non-occupant borrower eligibility requirements, refer to Selling Guide section B2-2-04, Guarantors, Co-Signers, or Non-Occupant Borrowers.
Can home allow non-occupant co-borrower?
Home occupancy The Home Possible® Mortgage is for the purchase of primary residences exclusively. This means no vacation houses or rentals. The program does allow non-occupant co-borrowers when the loan-to-value (LTV) is 95% or lower.
What is the income limit for Homepossible?
100 percent
What is the difference between a Fannie Mae and Freddie Mac loan?
The primary difference between Freddie Mac and Fannie Mae is where they source their mortgages from. Fannie Mae buys mortgages from larger, commercial banks, while Freddie Mac buys them from much smaller banks.
Can I get a mortgage directly from Fannie Mae?
Because Fannie Mae doesn’t originate loans, you can’t get your mortgage directly from Fannie. Once the loan closes, Fannie Mae buys loans that meet its requirements from lenders. These conventional mortgages are guaranteed by Fannie Mae, meaning they’ll make investors whole if the borrower goes into default.
Can you get a mortgage from Freddie Mac?
No. Freddie Mac does not make loans directly to homebuyers. Our primary business is to purchase loans from lenders to replenish their supply of funds so that they can make more mortgage loans to other borrowers. What is the secondary mortgage market?
What does it mean that Freddie Mac bought my mortgage?
If Freddie Mac owns your mortgage, then your lender must have sold it to Freddie Mac — or sold it to an investor that eventually did. Freddie Mac only buys mortgages that meet its underwriting criteria, meaning that it considers you a good credit risk and your home a worthy investment.