myf: How "Once Bitten, Twice Shy" Is Making It Harder To Buy A Home - 05/24/08 05:04 AM
Getting approved for a conforming home loan just got tougher. Again. As home loan defaults mount, government-sponsored financier Fannie Mae has imposed new guidelines on what it will lend and to whom, highlighting the need for a strong credit profile and a downpayment. Some of the new restrictions on home buyers include: 580 minimum credit score requirement on all home loans (which 85% of Americans have) No more than one instance of a 60-day late payment on a mortgage in the last 12 months 5-year moratorium on new mortgage credit with a prior foreclosure on record In other words, Fannie Mae … (0 comments)

 
Mike Rosen (Provident Team Real Estate)

Mike Rosen

Leesburg, VA

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Provident Team Real Estate

Address: 20130 Lakeview Center Plaza, Suite 430, Ashburn, VA, 20147

Office: (571) 302-4000

Mobile: (703) 880-6770



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