Deanna Valeo

Gifts, Condos and Foreign Assignment (Oh My!)

Did you know a 5% gift (no funds of their own required) is okay for Conventional?  This must go Fannie Mae direct.  Many Banks have overlays on their underwriting and do not allow this.  It's a great way for borrowers with good credit to get the best rates and lowest cost mortgage solution.   Remember good credit is required we must get a DU approval.

Condos you can do limited review with 10% down payment using Freddie Mac.  This is great because it lessens the hurdle for owner occupied condos. Also for attached PUDs Freddie Mac requires no extra paperwork. 

Borrowers on foreign assignment coming back to the US:  Did you know that Fannie and Freddie require that a borrower reside in the US and have a US address in order to pull credit?  If you have a client coming back from overseas assignment they will need to establish a local address and before they can apply for a loan.  

These and other issues are solved by us monthly.   Let us know what we can do to help you get closed on-time.

Deanna and Todd

NMLS # 91421 and #91428  Equal Housing Lender

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