A borrower must have been the recipient of the lump-sum distribution funds.Funds must be derived from a retirement account recognized by the IRS (401k, IRS, etc.) and must be deposited in a non-retirement brokerage or depository account.Lump-sum distribution of funds (not deposited to an eligible retirement asset)* The borrower’s right to the funds must be fully vested.The account funds may not be subject to a penalty.The account must be immediately accessible in its entirety.The borrower(s) must be the sole owner of the account.The retirement funds must be in an account recognized by the IRS (401k, IRA, etc.).Chapters 37.13, 37.22 and 37.23 of the Freddie Mac Seller Servicer Guide have been updated to reflect the following: Eligible assets include retirement, lump-sum distributions and proceeds from the sale of a business. Director, Credit Mac issued Bulletin 2011-10 on updating selling requirements pertaining to mortgage and property eligibility and credit underwriting as well as selling and servicing requirements for mortgages registered with MERS.Īssets as a basis for mortgage qualificationįreddie Mac has updated their selling guide to allow for the use of eligible borrower assets as a source of income for qualifying.
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