Fannie Mae Kentucky Conforming Guideline Changes
The following guideline changes are effective immediately for all Kentucky Fannie MaeF Conventional loans; however DU will not be updated to reflect these changes until August 15th 2015Conversion of Currently Primary Residence
Requirements for conversion of a borrower’s current primary residence to secondary or investment have been removed. The converted residence will be treated like a normal second home or investment part with regards to Reserve requirements and use of Rental Income.
This removes all requirements related to the requirement of 30% equity in the converted property.
Stocks, Bonds, & Mutual Funds
- 100% of the value can now be used. No reduction in value is required.
- Documentation that the funds have been liquidated is no longer required when the value of the asset is at least 20% greater than the required borrower funds for down payment and closing costs.
Unreimbursed Employee Expenses
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