Posted on: 26th Oct, 2007 01:57 am
Please can anyone provide me complete set of Freddie Mac Underwriting Guidelines which can give complete information about Underwriting Process with eligible responses etc.
Regards
Sagar
Regards
Sagar
Hello Sagarthakar,
A few of the underwriting guidelines for the borrowers with interest only option are here :
Fixed rate mortgage will base on full principal and interest payment (PITI) including note rate.
Interest only ARM will be based on full PITI at the fully indexed rate.
Negative Amortization (deferred interest) ARM requires full PITI at fully indexed rate amortized over the entire repayment term using the loan amount based on the amortization cap.
Freddie Mac is also emphasizing on the debt-to-income ratio and the amount of reserves left after the closing.
A few of the underwriting guidelines for the borrowers with interest only option are here :
Fixed rate mortgage will base on full principal and interest payment (PITI) including note rate.
Interest only ARM will be based on full PITI at the fully indexed rate.
Negative Amortization (deferred interest) ARM requires full PITI at fully indexed rate amortized over the entire repayment term using the loan amount based on the amortization cap.
Freddie Mac is also emphasizing on the debt-to-income ratio and the amount of reserves left after the closing.
One good place for research is ''http://www.loanprospector.com/''.
Hope this helps.
Hope this helps.
Hi Sagarthakar,
You can go through the site"http://www.mgic.com/pdf/71-40179.pdf". This provides very good information. You can check it out.
Hope this will help you.
Thanks,
Larry
You can go through the site"http://www.mgic.com/pdf/71-40179.pdf". This provides very good information. You can check it out.
Hope this will help you.
Thanks,
Larry
I would like to add, if anyone wonders, that the site I gave above is Freddie Mac's own website.