If you are self employed, and have no business tax returns… Go Fannie Mae. If Borrower has been self-employed for 5 years or more, you only need to provide 2 years of personal tax returns IF page 1 of the returns indicate an increase in self-employed income.
If you have unpaid collections and non-mortgage charge-offs… Go Fannie. Fannie, on a primary single family residence, does not require ANY of them paid off. Freddie Mac does.
If you are a borrower with Multiple financed properties? Fannie Mae still goes to 10. Freddie caps you at 6.
That’s it for today!
Have a good day today! …and thanks for reading.