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FNMA EA LEVELS ARE CHANGING TO 620 FICO!? REALTORS MUST KNOW!

I just recieved an e-mail from one of my lenders (GMAC)....he says that that all FNMA products will be changing as soon as tomorrow!

(from e-mail:)

ALL EA LEVELS AND MY COMMUNITY IS CHANGING TOMORROW, FANNIE IS CHANGING THE MIN FICO TOMORROW, RUN AND LOCK THESE LOANS TODAY. THEY ARE SAYING MIN FICO @ 620!

If this is true, a lot of deals will be lost to 580 - 620 borrowers who are pre-approved and actively looking for houses! KEEP YOUR EYES OPEN!!

This change is significant enough to remind me of last year when sub-prime lenders were falling out and guidelines changed so quickly that many many LO's and Realtors lost many deals simply because the borrower was qualified on Monday and was not on Tuesday!

FHA lenders who only take a 580 or better are looking better NOW! Hopefully the new FHA limits will be in place SOON!

:-)

~Kris Krajecki

Posted by Kris Krajecki Mortgage Broker Huntley, IL on 01/14/2008 10:20 AM

Comments (2)

rates, fnma, mortgage, refinance

2 Comments on FNMA EA LEVELS ARE CHANGING TO 620 FICO!? REALTORS MUST KNOW!

JAN

2008

Fannie & freddie need to be at 650+ in my opinion on anything.

I have seen strong borrowers with no mortgage lates, just a couple of revolving lates whose average daily balances are high because they are self employed and pay off their business expenses via credit cards for the frequent flyer miles have ficos in the lower 600's, this is a huge over-reaction on FNMA's part.

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