Effective July 29th, Fannie Mae, who owns a vast majority of mortgage loans, is updating their guidelines to allow Self-Employed purchasers to qualify for a mortgage showing only one year of tax returns! If you can show consistent income (after deductions) you may be able to qualify to purchase a home much sooner. That gives you a leg up on the market and can help you get in a home before interest rates climb higher! To get started, give me a call today to discuss your needs. Here are some other important updates included in this release:
- Increase in debt-to-income ratio to 50% (you can carry a 50% monthly bill burden and still qualify to purchase a home!)
- It's getting easier to refinance - you may not even need an appraisal
- Late payments on Timeshares are no longer treated like a mortgage (which was a much bigger negative on your credit report)
- Student loans can be paid off concurrent with a home purchase with a "cash out"
- Updates on how credit report disputes are handled, making it easier to settle old debts off credit report.
Dunkirk MD Homes for Sale - Genna Fleming, REALTOR® at EXIT 1 STOP REALTY
You now have free access to my Real Estate Search Engine! I am your local real estate expert with the knowledge and experience to deliver the unsurpassed service you deserve. Local Specialties: Upper Marlboro, Lanham, Lothian, Edgewater, Annapolis, & Dunkirk. Call Genna Fleming at (443) 532-8917 or follow my real estate adventures on Instagram @realestateaskgenna