Uncertain times call for definitive measures. While not exactly as well-known as the other saying, this has shown to be the directive in which many industries and organizations are following when making decisions in today’s economic climate.
Adding to their list of new initiatives that fit into this credence, Freddie Mac and Fannie Mae have continued to announce multi-category adjustments designed to assist those facing unexpected hardships. These initiatives are keeping the door open for homeownership and loan acquisitions to those who, at other points, would have seen it closed.
One of these initiatives includes the two organizations now allowing a broader range of income sources, benefiting those with secondary income or those receiving gift funds.
Among the secondary income categories touched upon in these provisions is rental income. Aimed at supporting borrowers looking to purchase an investment property without the direct need for stringent experience in rental property management, this new provision applies to loan applications submitted on or after April 1.
The amount of rental income that can be used for qualification purposes is outlined below: (source)
At Wyndham Capital, we have worked diligently to develop processes and technology tailored to maximizing our ability to adapt to an ever-shifting mortgage loan environment. From application to closing, our experienced team members have the tools and the know-how to guide customers through using the latest guidelines and best practices.
This includes catering the loan qualification for those in unique circumstances or who are looking to find the best possible solution in order for them to find the home of their dreams and make the next step.