With regards to credit, one of our investors that we sell loans to advised the following changes effective 7/18/08:

Borrowers with past bankruptcy's or foreclosures:

Eligible 4 yrs after Chapter 7

Eligible 4 yrs after Chapter 13 dismissal; 2 yrs after Chapter 13 discharge.

Eligible 5 yrs after Foreclosure & must have 680 middle FICO and put 10% down.

Be sure if you have current deals in underwriting, that your Loan Officer knows about this.

 

 
Posted by Molly Lionberger on 07/19/2008 09:07 AM   Comments (2)   bankruptcy credit issues  

2 Comments on Fannie & Freddie make more changes

JUL
19
2008

Thanks for the update stated in simple terms what is now available.  Veronica
9:27am • #1

Thanks for the update, good to know in the current market.
9:31am • #2

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Molly Lionberger

Easton, MD

More about me…

Prosperity Mortgage

Address: 1315 Mt. Hermon Road, Salisbury, MD, 21804

Office Phone: (443) 523-5599

Cell Phone: (443) 523-5599

Email Me

The purpose of my blog is to provide mortgage industry information that will help homebuyers obtain the best financing for their individual needs and to help realtors close more deals. Knowledge is power. With the changing of the rules within the mortgage industry, it is more important than ever for realtors to know basic credit guideline rules.


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