As we continue our installments of the Keller Williams report, we review new Obstacles…

Source: The Washington Post

1.

Fannie Mae recently changed its policy concerning job transfers. For some time, Fannie Mae considered the income of a transferred employee’s spouse to qualify the couple for a larger mortgage even if they had not yet found a job. Given the tough job market, Fannie Mae has changed this policy so that income from a “trailing spouse” will not be considered in loan qualification unless a job has been secured and income has been verified.

This may mean that transferred families might need to rent until a second job is found or purchase a less expensive house. However, this prudent policy change should help build a more solid system of secure loans, promoting a healthy housing market and a sound financial sector.

Freddie Mac still considers a portion of income from the “trailing spouse” in the qualification process.

Check back for the next installment in this series: FHA Plans.

Jennifer Mackay
850-774-6582
www.jennifermackay.com

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