#Freddie mac 2106 expenses full#
Request for Tax transcriptsīorrower is on present job for 6 months and was previously a full time student obtaining a degree. Subchapter S Corporate tax formįorm 1040: 9. Rental/Income from Propertiesįorm 2106: 3. Match the Numbered definition to the Correct Schedule/Form:
Monthly alimony: $ 1,200 scheduled to end February 1, 2025Ĭhild Support child #1: $ 600 scheduled to end February 1, 2023Ĭhild support child #2: $ 600 scheduled to end February 1, 2020 Calculate her monthly qualifying income based on the information below:
#Freddie mac 2106 expenses plus#
Provide a brief description for the following terms:īorrower applied for a mortgage on Februusing base salary from her job of 3 years, plus alimony and child support she has been receiving for the past 2 years. Would this transaction be acceptable as a second home given its location to the primary residence? In reviewing the transaction, you discover the condo is located only 6 miles from the borrower’s primary residence. The appraisal for a second home purchase transaction indicates it is a lake front condo.
The Subject Property must be suitable for year-round use If the purpose of the loan is for a refinance, the borrower must not have rented the subject property for more than two weeks with minimal rental income įor not less than fifty weeks per year, the subject property must be for the borrowers’ exclusive usage, no time shares a permitted, and the subject property may not be for the use of a family member, for example a second home may not be occupied as the residence of the Borrower’s parents or children. The location of the subject property must be reasonable for second home use (for example if the Subject Property is in the same neighborhood as the borrowers’ primary residence and such area has no appeal as a vacation destination, it would not be a reasonable second home second homes should generally be either in a vacation destination or in a city distant from the borrowers)
If the Borrower obligated on a loan declares they will occupy the subject property as a second home, the following must be true or the loan is ineligible to the Lender: In addition to the Schedule B totals above from the tax returns what additional documentation would be required in order to utilize interest income to qualify? If the borrower’s creditworthiness (fico, income, DTI) would qualify for a 90% LTV, based on the scenario parameters above, what is the maximum loan amount the Borrower can be approved for?Ĭalculate monthly qualifying income based only on the following Schedule B information: Borrower is looking to obtain an additional mortgage with the Lender to purchase a property with a sales price & appraised value of $700,000. Per Lender guidelines, no person may be obligated, whether as Borrower or Guarantor, on more than 5 loans and/or aggregate original principal balance of more than $5 million that have been sold to Lender.īorrower has 3 existing loans with Lender and an aggregate principal balance of $4.75 million. What documentation would be required in order to exclude a delinquent credit event incurred by a non-borrowing ex-spouse?
Pay Date Hourly rate Hours worked Gross Pay YTD Payĭelinquent Credit Belonging to Ex-spouse:ĭelinquent credit which appears on a Borrower or Guarantor’s credit history and was the result of a failure to pay timely by an ex-spouse a payment that became due after the Borrower or Guarantor became legally separated (or if never legally separated then divorced) may be excluded from the credit history of a Borrower or Guarantor for the purposes of a Lender determining if the Borrower or Guarantor meet the credit history requirements. What is the maximum loan amount the borrower can be approved for?īased on said maximum loan amount, what is the maximum PITIA permissible?Ĭalculate monthly qualifying income for John Smith based only on the following income documentation: Borrower has a 758 FICO, earns $12,000 in total monthly income and has $2,000 p/month in total credit report debt. Purchase and Rate & Term Refinance Eligibility:ĩ0% LTV to $1,000,000 – (SFR only, min loan $150k, 700 credit score required, DTI may not exceed 43%, interest only not permitted)Ĩ5% LTV to $1,000,000 – (SFR only, min loan $150k ,680 credit score required)Ĩ0% LTV to $1,500,000 – (680 credit score required)ħ5% LTV to $2,000,000 – (680 credit score required)īorrower is looking to purchase a SFD primary residence with an appraised value of $720,000 and sales price of $700,000. Calculate monthly qualifying income for the following self-employed borrower based on the schedule C information provided:Ģ016 Gross Revenue $23,141 2017 Gross Revenue $20,899ĭepreciation expense $ 1,225 Depreciation expense $ 1,110Īll other expenses $ 4,236 All other expenses $ 3,777
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