This BLOG On Fannie Mae NON-Citizens Mortgage Guidelines On Conventional Loans Was PUBLISHED On April 29th, 2019
Recently Fannie Mae added clarity to Fannie Mae NON-Citizens Mortgage Guidelines.
Per Fannie Mae Guidelines on Conventional Loans, borrowers do not have to be U.S.Citizens to qualify for home loans
Fannie Mae Guidelines, non-citizen home buyers can qualify for a home mortgage without being a U.S. Citizen
Fannie Mae Mortgage Guidelines is not a new rule but many mortgage underwriters had issues interpreting the guidelines
What this translates to is that many non-citizen borrowers were often turned down on conventional loans they qualified
This was for due to the clarity on Freddie Mac and Fannie Mae Mortgage Guidelines on non-citizens mortgage borrowers
In this blog, we will discuss Fannie Mae Mortgage Guidelines and how non-citizens can qualify for conventional loans.
Fannie Mae And Freddie Mac Mortgage Guidelines
There are two types of traditional home mortgages:
Government Loans (FHA, VA, USDA)
Conventional Loans
Government Versus Conventional Loans
Government Loans are insured and partially guaranteed by a government agency. FHA, VA, USDA Loans are the three government loans in today’s market.
FHA, VA, USDA does not originate, process, underwrite, nor funds government loans
Private lenders are the institutions that originate and fund government loans
However, if the lender followed agency guidelines on government loans, the government agency will partially insure lenders in the event borrowers default and the loan forecloses
Conventional Loans are not backed by any government agency
Conventional loans are often called conforming loans
This is because conforming loans need to conform to Fannie Mae and/or Freddie Mac Guidelines
Conventional lenders want to re-sell the conventional loans they originate and fund to relieve their warehouse lines of credit
This is the main reason why lenders need conventional loans to conform to Fannie Mae and Freddie Mac Guidelines
If the conventional loans do not conform to Fannie/Freddie Guidelines, then Fannie/Freddie will not purchase the loans.
Freddie Mac And Fannie Mae NON-Citizens Guidelines
Gustan Cho NMLS 873293 is the National Managing Director of NEXA Mortgage, LLC dba as Gustan Cho Associates NMLS 1657322. Gustan Cho and his team of loan officers are licensed in multiple states. Over 75% of the borrowers of Gustan Cho Associates (Gustan Cho Associates) are folks who could not qualify at other lenders due their lender overlays on government and conventional loans. Many mortgage borrowers and real estate professionals do not realize a mortgage company like Gustan Cho Associates exists. We have a national reputation of being a one-stop mortgage company due to not just being a mortgage company with no lender overlays but also offering dozens of non-QM and alternative financing loan programs. Any non-QM mortgage loan program available in the market will be offered by the team at Gustan Cho Associates. Our team of support and licensed personnel is available 7 days a week, evenings, weekends, and holidays.
April 29, 2019 - 2 min read