Does Fannie Mae require 2 year employment history?
Length of Self-Employment Fannie Mae generally requires lenders to obtain a two-year history of the borrower’s prior earnings as a means of demonstrating the likelihood that the income will continue to be received.
How long are pay stubs good for Fannie Mae?
The paystub must be dated no earlier than 30 days prior to the initial loan application date and it must include all year-to-date earnings. Additionally, the paystub must include sufficient information to appropriately calculate income; otherwise, additional documentation must be obtained.
When did Fannie Mae become a public company?
The Federal National Mortgage Association ( FNMA ), commonly known as Fannie Mae, is a United States government-sponsored enterprise (GSE) and, since 1968, a publicly traded company.
How did Fannie Mae help the housing market?
Fannie Mae created a liquid secondary mortgage market and thereby made it possible for banks and other loan originators to issue more housing loans, primarily by buying Federal Housing Administration (FHA) insured mortgages. For the first thirty years following its inception, Fannie Mae held a monopoly over the secondary mortgage market.
How does Fannie Mae and Freddie Mac make money?
Fannie Mae makes money partly by borrowing at low rates, and then reinvesting its borrowings into whole mortgages and mortgage backed securities. It borrows in the debt markets by selling bonds, and provides liquidity to mortgage originators by purchasing whole loans.
Where does employer assistance come from for Fannie Mae?
A minimum borrower contribution from the borrower’s own funds is not required. All funds needed to complete the transaction can come from employer assistance. A minimum borrower contribution from the borrower’s own funds is not required. All funds needed to complete the transaction can come from employer assistance.
Where can I get more information about Fannie Mae?
If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources. You can also download the printable 1,200+ page PDF, which include links. This topic contains information on the standards for documentation of employment income, including:
Who are the members of the Fannie Mae leadership team?
Fannie Mae’s Leadership Team 1 Hugh R. Frater 2 Jeffery R. Hayward 3 Ryan A. Zanin
What do you need to know about Fannie Mae b3-3.1.02?
See B1-1-03, Allowable Age of Credit Documents and Federal Income Tax Returns. The information must be complete and legible. IRS transcripts that validate the tax return. The lender may use the Request for Verification of Employment (Form 1005 or Form 1005 (S)) to document income for a salaried or commissioned borrower.
How to contact Fannie Mae about a Reo?
HomePath also provides helpful resources for both homebuyers and real estate professionals, such as financing options for REO properties. For more information about how Fannie Mae sells REO properties or about a Fannie Mae-owned property that you would like to purchase, email the Consumer Resource Center , or call 800-2FANNIE (800-232-6643).