high debt to income ratio: New Fannie Mae UW Guideline for Cash-Out Refinances! - 11/02/18 10:12 AM

 
UPDATE: Owner Occupied Cash Out Refinances with DTI above 45%
will now require 6 months Cash Reserves
 
As mortgage rates trickle higher, Fannie Mae has taken a step to tighten their Underwriting (UW) guidelines yet again.  The latest revision is focusing on Cash-Out (C/O) Refinances with high Debt-to-Income (DTI) ratios.
 
Specifically, Fannie Mae has added a requirement for the Borrower to have 6 months of cash reserves if their DTI is over 45%.  Cash reserve requirements focus the total housing payment (Principal + Interest, Property Taxes & Homeowners Insurance) and also include Mello Roos, Private Mortgage Insurance and/or Homeowners Association Dues (when applicable).
 
Let's … (1 comments)

high debt to income ratio: How I funded a $1.2 Million Mortgage with a 106% Debt-To-Income Ratio Buyer - 07/13/11 03:06 PM
San Diego Asset Depletion Mortgage Loans are helping Borrowers get approved! If you are seeking a mortgage or helping a Buyer, I encourage you to learn more about this exciting new loan program!

In the aftermath of the housing crisis, it has become increasingly difficult to help Borrower's with high debt-to-income ratios, especially now that Stated Income Loans have been suspended. A little known loan qualifying method is detailed in my earlier blog about San Diego Asset Depletion Mortgage Loans, which I encourage you to read by clicking here.
To quickly summarize the program, the Borrower is rewarded for carrying large … (0 comments)

 
Jason E. Gordon, Sr. Loan Officer, CMPS, CDLP, RCS-D, CDPE, CMHS (AmeriFirst Financial Inc, San Diego, CA) Rainmaker large

Jason E. Gordon

Sr. Loan Officer, CMPS, CDLP, RCS-D, CDPE, CMHS

San Diego, CA

More about me…

AmeriFirst Financial Inc, San Diego, CA

Address: 12544 High Bluff Drive, Ste. 100, San Diego, CA, 92130

Office: (858) 461-7007

Mobile: (619) 200-8031

Email Me

Author Bio: Jason Gordon is a Residential Mortgage Specialist in San Diego, CA. He combines ethics, education, and experience while helping Homebuyers and Homeowners to achieve their financial goals.View all AR Posts By Jason Gordon Blog Google+


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