Do you need to count a 5%payment of the charged-off amount against your monthly debt to income ratio?įor answering these two questions, it is important to know that the guidelines are different for mortgage charged-off accounts and non-mortgage charged-off accounts.Do the charge-offs need to be paid before closing?.The specific questions we have been asked are: This is a gray area and finding the actual guideline is quite difficult. In this blog, we will discuss Fannie Mae-Freddie Mac Charge-Off Guidelines. This is because conventional loans need to conform to Fannie Mae and Freddie Mac Agency Guidelines in order for Fannie/Freddie to purchase these loans on the secondary market.Conventional loans are referred to as conforming loans.We have received this call from prospective borrowers as well as many loan officers, which shows us we need to educate our readers on this topic.Lately, Gustan Cho Associates have been contacted many times about conventional mortgages and charged-off accounts.
This BLOG Is About Fannie Mae-Freddie Mac Charge-Off Guidelines On Conventional Loans Search It! Search for: Search Button Resources
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