Is underwriting easing? You bet, here are just a few examples of how. (Please note, there are alot of loan programs and many underwriting guidelines do NOT apply to all programs. So, just because we can do something with a conventional loan, doesn't mean we can do it with FHA. Contact me or your closest FAIRWAY Independent Mortgage branch)
Here are some relatively new guideline changes:
1. Only one year of tax returns required for self-employed borrowers.
2. 3% down payment with Conventional Financing.
3. All gift money with low down payment, conventional.
4. Close today, even though the new job hasn't started yet.
5. Reduced MIP with FHA loans...
6. Many areas of the US have valuable 1st Time Home Buyer Tax Credits available.
Make sure your lender sells some of their loans directly to Fannie Mae and Freddie Mac otherwise, your clients may be stalled with a red light, when they could be getting a go with a green light.