Hear Maria Phelps and our new loan officer, Matt Rizzolo, explain the multiple ways Black Diamond Mortgage can get your loan approved through different underwriting systems.
Some recently experienced Fannie v Freddie differences:
– Different debt to income ratio approvals
– Different property analysis (private road maintenance agreements, water systems, condominiums (condos), shared wall agreements)
– Different employment history rules, job/employment start date requirements
– Different analysis of part time employment vs. full time employment
– Different rules for 1 or 2 year self employed Federal Tax Return evaluations for income approvals / calculations
– Different requirements for cash reserve funds
– Different rules for the acceptance of gift funds
– Different rules for the assessment / calculation of rental income, retained REO properties on the application for borrowers who own multiple properties
The advantage at Black Diamond is that we are going to look into all of these options for you to determine which underwriting system is best for you and your loan approval. We look at the whole picture and see where you fit best!