Mortgage Grader

Please email your buyer scenarios to Jeff Lazerson by clicking HERE or call him at (949) 322-8640 and let’s see if we can solve your loan approval challenges!

Week of 2/25/17:

Borrower wants to buy another rental.

Borrower will have a total of three rental properties that require 6 months PITI reserves per property under Freddie Mac. The payments total $45,000.

Borrower only has $41,000 in reserves.

Instead, Fannie Mae's new rule requires total reserves of 4 percent of the rental mortgages. Borrower will owe a total of $1 million dollars in rental property loans or $40,000.

At $41,000, borrower had enough cash reserves to close the loan.

Deal gets funded!!

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Jeff Lazerson - Mortgage Columnist since 2011