king william: Fannie Mae tightens again
- 05/12/10 02:53 PM
Fannie Mae just announced another change in qualification guidelines. This change includes qualification for 5-Yr. ARMs at the note rate plus 2.0% or fully indexed rate, whichever is higher. Plus, starting June 1, lenders will have to run a second credit report right before closing. Add to other recent changes which include verification of income on FHA Streamline Refis and lenders pouring through tax returns with magnifying glasses to find something wrong.
Bottom line is that not only do we need to verify the income of every applicant, it will be much harder to qualify them when we do. Today you can't afford not to be an expert in … (3 comments)
Fannie Mae just announced another change in qualification guidelines. This change includes qualification for 5-Yr. ARMs at the note rate plus 2.0% or fully indexed rate, whichever is higher. Plus, starting June 1, lenders will have to run a second credit report right before closing. Add to other recent changes which include verification of income on FHA Streamline Refis and lenders pouring through tax returns with magnifying glasses to find something wrong. 
;)
;)
