My wife and I have been looking for the perfect house for over a year now. Now when I think I've found the right one, my plans have been foiled by an obscure mortgage rule. In April of 2011 my wife left her job to start her own company, and I totally support it. However, by going from a typical job to starting her own company, the bank needs her to wait 2 years to establish credible income history.
After doing some research, it seems that the major banks have to abide by Fannie/Freddie guidelines in order for the mortgage to be resold. Actually, 90% of all mortgages in the U.S. are owned by Fannie Mae and Freddie Mac, the rest are owned by private companies. These major banks, like Chase, Wells Fargo, HSBC, Bank of America, etc..., resell your mortgages to Fannie/Freddie after you close. The loan office said it would be better if it were the reverse situation. Where my wife left her own business to become an employee of a larger company and receiving a W-2 like most people.
0 comments:
Post a Comment