Changes in FNMA Guidelines Enables Norcom Mortgage to Close More Conventional Loans
Here’s What’s New …
1. Unreimbursed Business Expenses. Buyers earning <25% of their income from commission, bonus or overtime no longer have to account for a reduction in income due to unreimbursed employee expenses. That means tradesmen in particular may use their total gross income to qualify for a mortgage and not be penalized for taking advantage of legitimate business deductions.
2. Move Up Buyers. Buyers moving up to a bigger home and converting their current residence to investment property no longer need a minimum 30% equity position in the vacated property in order to use the rental income from the vacated property for debt service on the new home. All rental income from the former residence can now be used immediately.
3. Cash Reserves. Buyers using stocks, bonds, mutual funds and retirement accounts now can use 100% of their vested balances toward the asset reserve requirement. If those balances are >20% of the funds needed for the down payment and closing costs, buyers no longer need to show proof of liquidation for those funds. Less paperwork means faster closings.
Contact Me Today to Learn More! At Norcom, We Make Homes Happen!
Sugar Mountain Farm is family farm with acres of fenced pasture ideal for horses or cattle. House was built in 2002 in the classic Greek revival/colonial style.
Includes Revenue producing cottage and 19th century barn with a rented studio.
$100,000 credit given to buyer at closing to complete a 3rd bedroom or an in-law/nanny space downstairs with it’s own entrance or, to add a third bedroom onto existing house. Septic is designed for a 3 bedroom house.
This is in a 490 (Farm and Forest) tax category.
Call Me @ 860.945.9284 to discuss the right mortgage option for your family and to take advantage of my FREE Mortgage Pre-Approval service. Then call Trish Kropp at Westbury Realty 203.592.0899 to schedule a showing and be ready to make an offer
More than meets the eye!
Remodeled Ranch with Circular Driveway. Formal LR. MB Suite. LL Library. Sliders to Large Deck that’s perfect for entertaining.
Call Me @ 860.945.9284 to discuss the right mortgage option for your family and to take advantage of my FREE Mortgage Pre-Approval service. Then call Beth Santos to schedule a showing and be ready to make an offer. You won’t be disappointed.
Move right in to this 3 BR Colonial in sought after Mt. Fair Farm subdivision and let’s be neighbors.
I live down the street and around the corner from this great home and would be happy to welcome you to the neighborhood.