Real Estate Blog - Fannie Mae Price Adjustments for Credit Scores

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Fannie Mae Price Adjustments for Credit Scores

Fannie Mae has announced that in 2008 they will be implementing price overlays for all loan products with FICO's under 680 and LTVs > 70%, as well as loans with subordinate financing and 2 unit properties. These changes could literally pop up on the rate matrix anytime between now and then with no warning, so floating a rate, even if the bond market is down 20 basis points could prove to be very costly. Any borrower on the fence with a FICO < 680 needs to get off of it TODAY, because time is not on their side if they're looking for a better rate. The Fannie Mae price adjustments for credit scores are listed below.

All LTV's > 70%

FICO 680+ No adjustment

FICO 660 - 679 -0.750

FICO 640 - 659 -1.25

FICO 620 - 639 -1.75

FICO < 620 -2.00

Posted by Melissa Olson ~ HOPE Lending LLC on 12/12/2007 02:01 PM

Comments (4)

hope lending llc, bellevue wa mortgage, fannie mae, floating rate

This post has been included in Washington Information King County, WA Information

4 Comments on Fannie Mae Price Adjustments for Credit Scores

DEC

2007

Boy couldn't see this coming a mile away. It seems tht it's the sign of things to come. Too bad they didn't use discretion in funding the loans up front. They wouldn't have to make all this money to compensate for their losses.

Melissa - Very timely information. Thanks for posting this. I actually heard about this last week, but this is great information for all consumers to have.

Thank you Sandra.

OCT

2008

WOW! look at whats happened now. When you said a sign of things to come you were right....

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Melissa Olson ~ HOPE Lending LLC

Bellevue, WA

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