Selling Guide

Published April 1, 2020

The Selling Guide is organized into parts that reflect how lenders generally categorize various aspects of their business relationship with Fannie Mae. To begin browsing, select from any of the sections below. You may also download the entire Selling Guide in PDF format.

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Is income documentation required to be updated prior to closing during the pandemic?

Note: This FAQ comes from the published COVID-19, FAQs on Underwriting & General

Given the unprecedented and rapid instances of voluntary and mandated business closures, and the concerns over whether employees will continue to be paid, is updated income documentation required prior to closing?

Yes, in some cases income documentation may need to be updated. Refer to Lender Letter LL-2020-03, Impact of COVID-19 on Originations for details.

Related Articles

What are the requirements to use business assets?

Business Assets Business assets may be an acceptable source of funds for the down payment, closing costs, and financial reserves when a borrower...

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What are the requirements when employment is scheduled to begin after the loan closes?

Employment Offers or ContractsIf the borrower is scheduled to begin employment under the terms of an employment offer or contract, the lender may deliver...

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Are collection accounts and non-mortgage charge-offs required to be paid off?

Manually Underwritten LoansFor manually underwritten loans, collection accounts and charge-offs on non-mortgage accounts do not have to be paid off ...

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