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Fast Facts

From Fairway Wholesale
A Division of Fairway Independent Mortgage Corporation

College Transcripts for Employment History

Borrowers with less than
two year employment history

Did you know that Borrowers without a full two-year employment history may be able to provide college transcripts as an acceptable employment history for a Conventional loan?

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Inter Vivos Revocable Trust

Did you know that Fairway will allow Borrowers 
to close in a trust? 

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VA Assisted Appraisal Processing Program (AAPP)

Did you know that you can allow the assigned appraiser to participate in the VA Assisted Appraisal Processing Program?

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USDA Student Loan Calculation

Did you know that USDA has made changes to its Non-Fixed Student Loan calculation?

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Conventional Appraisals

Did you know that Fairway accepts transferred conventional appraisals? 

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Solar Panel Leases

Did you know that properties with Solar Leases or Solar Power Purchase Agreements may be eligible for financing? 

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FHA Large Deposits

Do you know how FHA defines "large deposits"?

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HomeReady® and HomePossible® Changes

Did you know that FannieMae and FreddieMac are making changes to the Borrower income and 2019 AMI limits for HomeReady® and HomePossible®?

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Government Manual Underwrites

Did you know that Fairway allows for manual underwrites on government loans? 

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"Grossing-Up" Non-Taxable Income

Did you know that you can gross up non-taxable income? 

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FHA Escrow Repairs

Did you know that appraiser required repairs may be financed into an FHA loan?

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Fannie Mae - Primary Housing for Elderly Parents

Did you know that children wanting to provide housing for their elderly parents may be able to do so with the property being considered primary residence? 

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Conventional Appraisal Transfers

Did you know that Fairway accepts transferred conventional appraisals? 

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Doctor: Student Loan Debt Program

Did you know Fairway Wholesale Lending offers flexibility for medical doctors with student loan debt?

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Fannie Mae - Unreimbursed Expenses

Did you know that Fannie Mae no longer requires Form 2106 for Borrowers earning commission income?

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FHA & USDA Delinquent Tax Obligations

Fairway Relaxes Policy on FHA and USDA Delinquent Tax Obligations

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FHA - Gifts to Pay off Debt

Do you know that a gift can be used to pay off Borrower's debts to qualify on an FHA Loan?

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Fannie Mae - Second Home Rental Income

Did you know that Fannie Mae may allow rental income on a second home refinance? 

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Vacation Rental Property

Question: My borrower is purchasing a single family property as an investment. The property detail within the contract addresses the property as a VRBO- (Vacation Rental by Owner) or AIRBNB.

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VA Student Loans

Did you know that VA has a new policy for calculating student loan payments?

Considering the Payment:

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Household Expenses

Did you know that on a VA loan, separate household expenses do not have to be considered for active military applicants if the applicant will be living in military quarters and states they will not have any expenses?

If the veteran states that he/she will be living in military quarters at no cost and his/her spouse will be living in the subject property, you do not have to consider separate household expenses.

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Childcare Expenses

Did you know that VA considers childcare expenses a debt?

VA has given guidance that Borrowers with children age 12 and under must complete and sign a "Child Care Letter". The lender must obtain the letter from the veteran documenting the childcare expense or detailing why no expense is incurred.

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Unreimbursed Expenses

Did you know that unreimbursed business expenses do not have to be analyzed or deducted for borrowers who are qualified using base pay, bonus, overtime, or commission income less than 25% of the borrower's annual employment income?

Fannie Mae and Freddie Mac do not require that unreimbursed employee business expenses be analyzed or deducted from the borrower’s qualifying income, or added to monthly liabilities, for a borrower who is qualified using base pay, bonus, overtime, or commission income less than 25% of the borrower’s annual employment income.

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Points and Fees

Did you know that points and fees can go up to 5% on loans greater than or equal to $21,032 but less than $63,095 on Borrower Paid transaction loans?

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LLC Vested in Title

Did you know that the time a property is held by an LLC may be counted towards meeting the borrower's six-month ownership requirement for a Fannie Mae Cash-Out Refinance?

If the property was owned prior to closing by a limited liability corporation (LLC) that is majority-owned or controlled by the borrower(s), the time it was held by the LLC may be counted towards meeting the borrower’s six month ownership requirement.

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Joint Applications

Did you know Fairway no longer requires that non-related borrowers be on separate applications and credit reports?

If the borrowers wish to apply together, they can now be listed together on the 1003, as long as the credit report is pulled together. On the other hand, if the borrowers wish to be on separate applications, they can do so as long as the credit report is pulled separately.

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Freddie Mac Self-Employed Income

Did you know effective 3/6/17; Freddie Mac implemented a change to the document requirements for self-employed borrowers?

Documentation Requirements – The number of years of required tax returns will be based on the number of years the business has been in existence

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Freddie Mac Home Possible - No Income Limits In Disaster Areas

Did you know that the income requirements have been waived on Home Possible mortgages for properties located in federally declared disaster areas?

Home Possible income requirements are waived for properties identified by Loan Product Advisor or the Home Possible Income and Property Eligibility tool as located in federally declared disaster areas. If a mortgage meets all other requirements, it will qualify for a Home Possible mortgage.

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FHA Repairs

Did you know that appraiser required repairs may be financed into an FHA loan?

Costs of repairs can be added to the sales price before calculating the mortgage amount if:

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FHA 203(h) Program

Did you know that the borrower is allowed to pay for both the Home Inspection for the destroyed property, as well as, the Appraisal for the new home purchase?

Recently, Fairway presented a webinar to review the FHA 203(h) program. The program allows the Federal Housing Administration (FHA) to insure mortgages made by qualified lenders to victims of a major disaster who have lost their homes and are in the process of rebuilding or buying another home.

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Fairway's Ask Desk

Did you know that Fairway has an 'ASK DESK' for scenario, compliance and guideline questions?

Fairway has an Ask Desk email set up for questions that you may have regarding guidelines, scenarios, compliance, and more!

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Fairway Exception Policy

Did you know Fairway has a formal exception policy?

Fairway makes common sense loans. If you have a scenario that falls outside Fairway policy or guidelines, we will be happy to review for an individual exception.

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Conventional No Score

Did you know Fairway now accepts non-traditional credit for borrowers who do not have a valid credit score on conventional loans?

Conventional Loans for borrowers with no credit score that are run through DU and/or LPA that receive an Approve/Eligible or Accept/Eligible, and meet the requirements below are eligible to be submitted to Fairway.

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Assets as Income

Did you know that assets can be used as qualifying income?

Income derived from the conversion of the borrower’s liquid assets into a monthly stream from assets that are not employment-related (“Other Financial Assets”) may be used to qualify the borrower in accordance with the requirements below - Fannie Mae - Conventional/Conforming Non-Employment Related Assets as Qualifying Income.

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4506T Tax Transcripts

Did you know you can order 4506T transcripts at no cost to you?

Fairway has partnered with CIC Credit to offer its brokers and correspondent lenders the ability to order tax transcripts. Fairway covers the cost. So, get a head start on 4506T requests – order them early to prevent any possible delays!

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Fairway Escrow Holdbacks

Did you know Fairway allows for repair escrow holdbacks on all non-jumbo loan programs?

Fairway Wholesale Lending prefers that each property be 100% complete at the time of closing; however, there are situations that warrant exceptions for escrow holdbacks, such as weather-related circumstances, lack of materials available for finishing, foreclosure sales and short-sales where the seller cannot or will not allow property repairs to be completed prior to closing, among others.

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Appraisal Waivers

Did you know Fairway allows appraisal waivers for both FANNIE and FREDDIE?

For certain loan casefiles, DU and LP may offer property inspection waivers - an option to waive the appraisal requirement. Be sure to check your findings to see if the property is eligible for a waiver.

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Freddie Mac: Owner Occupancy Change for New Condo Projects

Did you know the owner occupancy requirement for new condo projects has changed?

The owner occupancy requirement for new condo projects is being revised from 70% to at least 50% of the total units in the project (or at least 50% of the sum of the subject legal phase and prior legal phases).

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