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How to leverage The Fannie Mae Gift Letter?

despite all the craziness that's been.going on we can't forget that Fannie Mae.and Freddie Mac hold a great deal of.influence over the housing market and.they've just made some temporary.guideline changes so who does it affect.and how is it going to affect them hey.guys.or ba here so in today's episode I want.to discuss who and what Fannie Mae and.Freddie Mac are along with the type of.influence they hold over our housing.market but make sure to stick around.until the end because I am gonna discuss.what these temporary guideline changes.are.[Music].first and foremost I want to give out a.big big thank you to everybody that's.been watching and supporting the videos.I hope you guys are enjoying them.secondly I know that we're all still.stuck at home so hopefully you guys are.staying in good spirits and staying.positive and I'm sure we will be back to.normal soon so jumping into today's.episode I said I was going to discuss.Fannie Mae and Freddie Mac along with.who and what they are now both Fannie.Mae and Freddie Mac are considered to be.GSEs GSE just stands for.government-sponsored enterprises and.instead of me explaining it to you.Google has it worded best so I'm just.gonna go off of what they have written.over here in the US government sponsored.enterprises or GSA's are.quasi-governmental privately held.entities established to improve and at.times make possible the flow of credit.to specific sectors of the economy or to.otherwise provide essential services to.the public.Jesse's are established by Congress so.with that said it's no surprise that.Fannie Mae and Freddie Mac would both be.GSC's given that Fannie Mae and Freddie.Mac Fannie Mae and Freddie Mac play such.a big role in the housing market and the.housing market is such a big factor in.the economy the government would want.some level of control over what's going.on now given that they have some control.it didn't really stop the 2008 housing.problem that we had which was the crisis.so with that said the government's also.created a new agency which is called the.FHFA which stands for Federal Housing.Finance Agency and what they do is.pretty much provide oversight and.regulation over Fannie Mae and Freddie.Mac to make sure that nothing like 2008.happens again we're requirements become.loose and all sorts of loans are being.originated they're just they're as.essentially regulators over both Fannie.Mae and Freddie Mac now Fannie Mae and.Freddie Mac what are they doing why is.it that they play such an important role.in the housing market Fannie Mae and.Freddie Mac provided liquidity to banks.for banks.to continue originating loans and right.and what I mean by that is that whenever.a loan whenever a bank or a non-bank.lender originates alone.they sell their loan to Fannie Mae or.Freddie Mac and I Fannie Mae or Freddie.Mac packages up a bunch of these similar.loans and then they sell it as.securities to investors so this does two.things one it allows investors to get.what they want which is to purchase an.investment which comes from a credible.source such as Fannie Mae or Freddie Mac.which they know as being governed by.FHFA which is giving more credibility to.them and at the same time it's allowing.banks to receive money in their hands in.order for them to continue providing.more home loans and to keep this housing.machine to move forward so with that.said what are these temporary guideline.changes that Fannie Mae and Freddie Mac.have made now they've actually made a.ton of temporary changes but the two.that I'm gonna mention are the ones that.I think you guys should really keep in.mind and the ones that to a certain.level you're gonna have some control.over now before I actually mention these.two points I do want to mention that.Fannie Mae and Freddie Mac are always.making guideline updates as times change.and as time moves forward there's always.new guidelines that come into play the.only difference is that this time around.this coronavirus the Cova 19 had made.such a quick impact almost overnight.that they had to act quickly and put.some things in to put in place to.protect everybody including homebuyers.so what are these two adjustments and to.temporary guidelines that they have let.me read it off the website here so the.first guideline update I want to talk.about is the reserves requirement so.anytime you want to apply for a home.loan they're gonna want to see some sort.of a reserves account that has money put.aside for a certain amount of months.that can make a mortgage payment just in.case if you have a rainy day now usually.they allow people to show stock accounts.or stock options or mutual funds and.they still are allowed.that but now the only difference is that.they're allowing only up to 70% of.what's in those accounts so if in the.past let's say you had $10,000 in a.stock option or in a mutual funds or.just in general in your in stocks what.you could have done was that you could.have just showed all $10,000 of it and.said hey I have this money sitting here.and I want to use this to satisfy that.requirement that you guys have but now.they're gonna root they're only going to.consider 70% of what you have in that.fund in that account so if you had.10,000 they're gonna look at them.they're gonna say we're gonna only.consider it we're gonna pretend like you.only have 7,000 now if that 7,000 is all.you needed to satisfy that reserves.requirement then you're okay but.obviously if your reserves requirement.is much more than obviously you're gonna.have to figure out something else.whether it's showing an additional.checking account or a savings account.they're gonna want to see that and the.reason that they're doing this is.because there's been a lot of volatility.in the market so obviously if they take.everything at face value we don't know.what's gonna happen tomorrow there's.been a lot of movements so that's just.for the reserves I don't think that's a.huge deal but it's something to keep in.mind just in case if you're planning on.using solely your you know stock account.or something to that extent to show that.you had money tucked away so the second.requirement that they've had a temporary.update to is the self employment.verification and this is the one that I.think is most important because there.are so many people that are.self-employed and this may affect them.now given that whether you're a wage.earner or self-employed a lot of jobs.have been affected with Cova 19 being.around but there's a lot more pressure.on self-employed people because if you.know somebody who works for a company if.the company is not doing good they may.still have their hours and they may.still be getting paid the same way but.somebody who's self-employed and they.may have a small business their income.may directly be impacted and immediately.be impacted so usually what they do is.they take some sort of.a you know CPA letter or they may call.the place of business just to make sure.that it's operating and it's good but.because of what's been going on they.want to take it one notch up and they're.gonna they want to really make sure that.on the day they're calling that on that.specific day the business is open and.it's still operational so on Fannie Mae.and Freddie Mac's website they have.three main things that I've noticed that.they've listed which could be ways that.allow the lender to check if the.business is operational so they may just.call the business and see if it's open.and see if that hour matches what's on.you know Google if Google says that you.know they should be open at 5:00 p.m..and they call it 5:00 p.m. and it.happens to be closed then there may be.some sort of a problem since there's a.discrepancy and they may say the.business might be impacted since they're.not open another method is that they may.just ask for the business business owner.to provide invoices or signed contracts.on the day of the verification to prove.that on that specific day they were.still operating and that they were in.business the third method is if the.business uses a website to operate their.business then they're going to want to.see some sort of proof that they're.either taking appointments or they're.fulfilling orders anything to that.extent they're going to use the website.to make sure that they could verify that.you pretty much still in business now.it's important to mention that Fannie.Mae or Freddie Mac is not the one that.calls and verifies this information it's.actually the bank because it's required.of the bank to do this stuff if they're.finding or selling the loan to Fannie.Mae or Freddie Mac so with that said.what is this what does this mean for the.future of lending or at least for the.current state of home loan applications.well for the during this current time.they're obviously going to go by these.methods and they're gonna be a little.more careful than usual just given that.there's the there's a lot more market.volatility and that a lot of businesses.are closing so these are necessary steps.that they're gonna take at least until.probably end of me but you never know if.things get worse and we're still in.quarantine for much longer than this.we'll probably continue.to stay how it is with these temporary.requirements they may just extend but in.the meantime if there's any questions.feel free to send me a message and we.could go over your specific scenario and.see if there's any problems we could.foresee and aside from that thank you so.much guys for joining in and I'll see.you guys next week.[Music].

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Fannie Mae Gift Letter FAQs

Here you can recieve replies to the most FAQs about Fannie Mae Gift Letter. If you have specific queries, choose 'Contact Us' at the top of the page.

Need help? Contact support

Do I have to fill out a form to receive a call letter for the NDA SSB?

You do not have to fill in any separate form to receive a call letter for NDA SSB. The documents that you had submitted earlier is good enough . You will get your call as per your merit and the location preference. They normally ensure that your travel is restricted to minimum

Is it compulsory to fill out the iVerify form for Wipro before getting a joining letter?

Yes, you should definitely will the form as you require it for your Background verification else the HR would mail and call every time unless you fill it.

Do I need to fill out a customs form to mail a 1 oz letter? Would I put the customs form outside the envelope or inside?

Only mails that has merchandises or accountable items would require custom forms. So unless it’s lumpy or over weight, then even a stack of photos can be send as regular first class mails without custom declarations.

How do I mail a regular letter to Venezuela? Do I need to fill out a customs form for a regular letter or do I just need to add an international mail stamp and send it?

You do not need to fill out a customs form for a regular letter sent from the US to any other country. Postage for an international letter under 1 ounce is currently $1.15. You may apply any stamp - or combination of stamps - which equals that amount.

Why do some forms require you to fill them out in all capital letters?

There is a joke among society that doctors' handwritings are illegible. But in fact for most of the people if you tell them to write something in their normal handwriting which is of course their running hand or cursive writing people may sometimes find it tough to understand it because different people have different styles of writing. Most of the form we come across are either computer read or manually read. They are mostly for job or exams. There professionals don't have the time and chance to effort to read someone's illegible cursive handwriting with a possibility of misinterpretation. H Continue Reading

Why is a gift letter required?

The money should be in your account. It can be in savings/ current/ FD/ any other form which can be encashed. Jewellery is not included in this. I hope it helps.

Does a gift letter stand up in court?

Absolutely they can, however it ultimately is up to the judge as far as whether or not to even allow them as evidence. Some judges see them as a key piece of evidence, while others may think it's invasion of privacy. Also the number of texts also may be a reason for not allowing them. It's easy to go through a couple pages of texts, but 136 back to back may discourage the judge to allow them.

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