New Enhancements to FNMA Selling Guide

Here are again some new enhancements to the FNMA Selling Guide, which are already effective as of July 29. ย I trust they will keep it coming! There is certainly more stuff to change! ๐Ÿ™‚

Alimony Income is Getting a Face Lift:

ย Lenders will now have the option of reducing the borrower’s monthly qualifying income by the amount of the monthly alimony payment in lieu of including it as a monthly payment in the calculation of the debt-to-income (DTI) ratio. Going forward, lenders may choose to use either option โ€“ reducing income or treating it as a debt โ€“ when qualifying borrowers. [Read more…]