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The Road to a Conventional Mortgage Loan!

Requirements for Fannie

· Copy of Rental/Purchase agreement – Minimum 12 month term

· 12 month payment history – Cancelled checks or money orders

· Appraisal to determine Market Rent

· Down payment Credit Calculation -- Credit toward down payment cannot exceed the difference between Market Rent and the Actual Rent paid for the last 12 months.

Requirements for Freddie

· Copy of Rental/Purchase agreement – No minimum term.

· Payment history – Cancelled checks or money orders

· Appraisal to determine Market Rent

· Down payment Credit Calculation -- Credit toward down payment cannot exceed the difference between Market Rent and the Actual Rent paid.