Is the transaction eligible for delivery to Fannie Mae?

Is the transaction eligible for delivery to Fannie Mae?

The transaction is not eligible for delivery to Fannie Mae when the subject property is listed for sale at the time of disbursement of the new mortgage loan. See also B2-1.3-04, Prohibited Refinancing Practices . The following are acceptable in conjunction with a limited cash-out refinance transaction:

Do you have to tell du that Fannie Mae owns your home?

The lender must inform DU that Fannie Mae owns the existing mortgage using the Owner of Existing Mortgage field in the online loan application before submitting the loan to DU. Note: This requirement does not apply if the CLTV exceeds 95% only due to a Community Seconds loan.

When does Fannie Mae treat a refinancing as a limited cash out?

When a borrower obtains new subordinate financing with the refinancing of a first mortgage loan, Fannie Mae treats the transaction as a limited cash-out refinance provided the first mortgage loan meets the eligibility criteria for a limited cash-out refinance transaction.

Do you have to have 30 day charge account for Fannie Mae?

Fannie Mae does not require open 30–day charge accounts to be included in the debt-to-income ratio. See B3-6-07, Debts Paid Off At or Prior to Closing, for additional information on open 30–day charge accounts. Other Real Estate Owned—Qualifying Impact