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Fannie Mae has made a policy change that could make it easier for some homeowners that are looking to convert their home into an investment property and gain rental income. Under the new rules, there are no minimum equity requirements in order to convert your property into an investment property. Fannie Mae is making things a little easier on clients looking to convert a home they don’t have much equity in into an investment property, as long as they can find a new primary residence.
Under the old rules, potential conversion candidates had to have a minimum of 30% equity in their home. That program ended last year and was refocused to as a 3% down payment option with closing cost assistance for first-time home buyers purchasing Fannie Mae properties. The other big one is making sure you have a rental agreement signed for a period of at least a year.
The good news is you can use up to 75% of the monthly rent as qualifying income for the purposes of your debt-to-income (DTI) ratio to qualify for your new primary residence and maintain the mortgage on the converted investment property.
Maybe the idea of being a landlord until you can pay off the first mortgage doesn’t appeal to you. There’s also the distinct possibility that you like where you live and are just looking for a way to get your equity moving in a positive direction. If that’s your situation, you might want to take a look at HARP or an agency streamline to get refinanced into a better loan. The Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) are both Government Sponsored Enterprises (GSEs), which means they are backed by the government but they are not part of the government. Fannie and Freddie purchase bundles of these conforming mortgage loans from banks, which means the loans must “conform” to the rules set by the GSEs.
Lenders want these mortgages to be eligible for purchase, so their loan guidelines are often very similar, if not identical, to guidelines set by Fannie and Freddie.
The current minimum down payment for a Fannie Mae or Freddie Mac Loan, which are commonly referred to as conventional loans, is 5% of the purchase price.
These rules also include a limit on the amount of loan money the GSEs will guarantee, known as the “conforming loan limit.” Loans that are larger than these loan limits are known as non-conforming or “jumbo” loans.
All full applications are subject to credit approval, full documentation, acceptable appraisal, Fannie Mae  condominium project approval, mortgage insurance approval (when applicable) and clear title.
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Nationally Recognized Home Renovation Financing Expert, Educator And SpeakerSkip Schenker is an industry expert in FHA 203(k) lending. Enter your email address to subscribe to this blog and receive notifications of new posts by email.

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Wells Fargo originated the most mortgages during the 4th quarter of 2015, according to a Mortgage Daily analysis. According to data recently released by RealtyTrac, there are 7.4 million Americans who owe more on their home than it’s worth. Previously, you needed at least six months of payments available to cover principal, interest, taxes and insurance. These began with the HomePath program to give people some money to make repairs when they were buying a Fannie Mae-owned home. The biggest of these is that you must qualify for your new primary home while still maintaining the mortgage on your newly converted investment property. The remaining 25% is a vacancy factor used to account for time between renters and may not be considered part of qualifying income. The other nice thing about these particular programs is that they apply for both Fannie Mae and Freddie Mac funded loans. Fannie Mae and Freddie Mac don’t directly offer mortgage loans but instead buy the mortgages from banks, credit unions, and other financial institutions so that they, in turn, can lend to more homeowners. So when you apply for a mortgage loan at a bank, it’s a good idea to know what these guidelines are. To calculate your debt to income ratio take your total debt payment and divide it by your total monthly income. Fannie Mae does offer a low down payment option available for properties owned by Fannie Mae called the HomePath loan. But there are programs available on a much more limited basis that allow for 3% down, such as Fannie Mae’s Homepath and My Community mortgage products. Jumbo loans are not guaranteed by the GSEs, so they have higher interest rates than conforming loans. He has completed hundreds of 203(k)s as a Loan Officer and published numerous articles on the subject . We ask that you stay focused on the story topic, respect other people's opinions, and avoid profanity, offensive statements, illegal contents and advertisement posts. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices. First licensed in 2006, Anthony VanDyke has eight years of experience originating commercial and residential mortgages. This means that even clients that owe more on their home than its current value can convert to an investment property and use the rent to help pay the mortgage on that property.

Even after the mortgage is sold, the original lender can often still be the servicer for the loan. For example, if you have a total monthly debt of $2,000 and a monthly income of $6,000, your debt to income ratio is 33%.
Many potential home owners think that 20% down is the only option when buying a home, unfortunately that is just a common misconception, there are many options out there. In October 2011, the Senate voted to restore the higher loan limits for conforming loans  , which was an important step here in Massachusetts where average home prices tend to be higher than in the rest of the country.
Fannie Mae also offers a program for borrowers who purchase a property in need of moderate renovation called the HomeStyle Renovation loan. In most cases with a Fannie Mae or Freddie Mac loan you can even avoid paying expensive monthly PMI (Private Mortgage Insurance) if you’re working with the right Mortgage Lender . But the higher loan limits were only approved for FHA loans; Fannie and Freddie loans were not included. The loan is for the purchase and the cost of renovations and also offers a down payment as low as 3% (no mortgage insurance with 20% down). Generally this consists of a slight increase in your interest rate, but results in a significantly lower monthly payment. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused. It is available for the purchase of a primary residence, a second home, or investment property. Additionally, with this option you can roll the closing costs into your offer and have the seller contribute towards them or ask the Lender to offer you an option in which they pick up the tab on the closing costs. We do not permit the inclusion of hyperlinks in comments and may remove any comment that includes a hyperlink. This will reduce the money needed by the borrower to just the 5% down payment contribution.
The 5% down options are restricted to buying a primary residence and single family home with a conventional mortgage.

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