There was an interesting article that I've just read regarding Lenders and Fannie Mae Policies. Apparently in a local situation (like may be declining market or something else) the lender can ask for certain waivers on policies of Fannie Mae to adjust to th elocal market. In fact, they are so anxious for REALTORS to understand the policies they them online for us at eFannieMae.com. Isn't that just darn sweet of them.
What Fannie Mae says apparently that many times they are the scapegoat for the policies of the Lender and not necessarily Fannie Mae. One of the more heartening things to read about in this article is that it states that when you file an exception to a Fannie Mae rule (which can be done online) that what happens is that it is reviewed and a decision is made typically within 24 hours (not bad for government work). But they say many times the boon doggles that we get mired in are not anything to do with Fannie Mae but with the policies at the Lender.
So when you are tyring to get an exception to a Fannie Mae rule find out whether or not it can't be done because of Lender rules or is it a Fannie Mae block. If it is a Fannie Mae block request an exception (you'll probably get it since it is based on local info) and if it is the lender's policies or the lender refuses to do the right thing and apply for the exception, then find another lender.
Most of the lenders I have spoken with tell me that they would understand the situation and it gives them an ample point as to why there needs to be more flexibility in their rules.
Good Luck!
Dana
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