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About Jim Hoepf
Expertise
I have a diverse background that allows me to answer questions regarding underwriting, collections and industry changes.

Experience
I have 18 years of experience in the industry. I have an extensive underwriting background that allows me to have a greater understanding of how to properly structure a loan for approval. I have been cohost of the local radio show Real Estate Matters for the last four years. I have owned and operated my own brokerage firm for the last 10 years. Along with originating and underwriting I have also handled mortgage delinquency and the foreclosure process.

Education/Credentials
BS in Business Administration from Bluffton University. I have also participated in numerous underwriting workshops put on by Fannie Mae and lenders in the Phoenix area.

Awards and Honors
Broker of the year for Arizona with Homeside Lending.

You are here: Experts > Shopping > Home Buying/Selling > Real Estate Home Mortgages > Refinancing - FNMA

Real Estate Home Mortgages - Refinancing - FNMA

Expert: Jim Hoepf - 9/24/2009

Question
My husband and I have been in the process of refinancing our home for more than a month now. We have just been informed by our lender that due to the fact that my self-employed husband is set up on a payment plan with the IRS for his past taxes we are no longer qualified for funding. Our lender is basing this decisions on FNMA regulations. It is my understanding that FNMA is Fannie Mae. Does Fannie Mae now regulate all conventional mortgages? (I thought they only handled FHA loans.) Are we likely to find a lender that does not fall under FNMA regulations?
Is this tax issue even a problem under FNMA?

Thank you for your help!

Answer
Nicole,

Thank you for the question!

First, Fannie Mae does not regulate all conventional loans, Freddie Mac also does them, but their guidelines are almost identical. Most all lenders are underwriting to those guidelines, unless you find a regional bank that underwrites and services their own loans.

Now, regarding the IRS issue. If there is an actual IRS lien against the property, that could be your issue. The IRS will not subordinate their position for a refinance. If there isn't a lien on the property, it could be that the payment is causing your debt to income ratio to be to high to complete the loan. There could be multiple factors as to why they are telling you that the IRS situation is causing it to be un-fundable.

Hope this helps!

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About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here