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Exam (elaborations)

FANNIE MAE UPDATED EXAM QUESTIONS AND CORRECT ANSWERS

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FANNIE MAE UPDATED EXAM QUESTIONS AND CORRECT ANSWERS What Automated Underwriter does Fannie Mae use - CORRECT ANSWERS Underwriter (DU) Minimum Credit Score - CORRECT ANSWERS 620 Desktop Highest LTV for First Time Homebuyers (Fixed Rate Mortgage) - CORRECT ANSWERS on 1-unit primary Highest LTV for non-First Time Homebuyer (Fixed Rate Mortgage) - CORRECT ANSWERS 95% on 1-unit primary Highest LTV for 2-unit primary (Fixed Rate Mortgage) - CORRECT ANSWERS 97% 85% for both FTHb and non-FTHb Highest LTV for 3-4 unit primary (Fixed Rate Mortgage) - CORRECT ANSWERS FTHb and non-FTHb

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Uploaded on
December 16, 2025
Number of pages
3
Written in
2025/2026
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Exam (elaborations)
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Questions & answers

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FANNIE MAE UPDATED EXAM QUESTIONS AND
CORRECT ANSWERS
What Automated Underwriter does Fannie Mae use - CORRECT ANSWERS Desktop
Underwriter (DU)



Minimum Credit Score - CORRECT ANSWERS 620



Highest LTV for First Time Homebuyers (Fixed Rate Mortgage) - CORRECT ANSWERS 97%
on 1-unit primary



Highest LTV for non-First Time Homebuyer (Fixed Rate Mortgage) - CORRECT
ANSWERS 95% on 1-unit primary



Highest LTV for 2-unit primary (Fixed Rate Mortgage) - CORRECT ANSWERS 85% for both
FTHb and non-FTHb



Highest LTV for 3-4 unit primary (Fixed Rate Mortgage) - CORRECT ANSWERS 75% for both
FTHb and non-FTHb



Income Documentation Requirement - CORRECT ANSWERS 2 year history for W2 & Tax
returns & 30 day recent paystubs



What is needed if the client plans to switch jobs soon - CORRECT ANSWERS Borrowers
who are changing or starting new jobs can be approved with a signed offer letter or contract
documenting the anticipated income, but the loan cannot close without a paystub, unless a
delayed sale exception has been approved.
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