Hello all!

How about this for some good news? The below underwriting change was just passed along to me from my Underwriter:

 

Fannie Mae has implemented a new National Down Payment Policy which will replace their current Declining Markets Policy. As a result, the following eligibility guidelines have been updated:

All loans with an initial AU Submission date of 6.01.08 are no longer required to reduce LTV/CLTV/HCLTV by five (5%) in a Declining Market, for the following products:

So what do we do now? We go find some of the GOOD loans that came through in the recent past that just didn't have enough of a down payment. Let's make some happy buyers!

All the best,

-Sean

The Friendly Neighborhood Mortgage Guy Web Site

SWheelan@TMGLtd.biz Email

 

 
Post is included in group: Mortgage Financing, Market Data & Forecast

2 Comments on Less Stringent Fannie Mae Declining Market Guidelines!

JUN
05
2008
149,396 Points 1 Featured Post Outside Blog Hit Router

Its about time the Feds did something positive.  Lowering the second home limits from 10 to 4 is going to kill my investment business for sure this year!
8:11am • #1
JUL
25
2008

Thanks for you for taking the time to comment on this subject in the Active Rain network.  AR is the new "cyber backbone" of the industry, and with it's uplink to Localism.com it is transforming the real estate marketplace. Agents who don't see which way the cyberwind is blowing are going to find themselves at a considerable disadvantage inside of three to five years.
10:44am • #2


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Sean Wheelan

Warwick, RI

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Address: 1287 Post Rd, Warwick, RI, 02888

Cell Phone: (401) 965-9384

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Thoughts and ideas surrounding real estate financing, FSBO Advertising and Networking to increase referral business.



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