home loan: Fannie Mae RePulls Your Credit Just Before Closing: Loan Quality Initiative
- 06/08/10 06:26 AM
Fannie Mae's Loan Quality Initiative : Repulling Your Credit Just Before Closing A new loan quality initiative from Fannie Mae is making it harder for home buyers and refinancing homeowners everywhere to close on a mortgage. Beginning June 1, 2010, with all new applications, Fannie Mae wants lenders to verify that borrowers have not taken on new debt during the underwriting phase of the mortgage. If new debts are found, the mortgage is subject to a re-underwrite and a possible turndown. For Fannie Mae, the goal is to reduce the number of loans that go bad because of new, non-disclosed debt. … (0 comments)
home loan: Re Approve Your Approval
- 04/09/10 02:50 AM
It's Time To Re-Approve Your Pre-Approval As the federal home buyer tax credit nears its April 30 end-date, there's a lot of would-be home buyers still working to get under contract. A piece of advice for all of them : If your pre-qualification and/or pre-approval letter is more than 8 weeks old, it would be prudent to have your lender "re-pre-approve" you. Mortgage guidelines have been in flux and your original lender letter may now be invalid. For example, over the past half-dozen months, the majority of mortgage lenders have reduced their risk tolerance with respect to: Maximum debt-to-income ratios … (3 comments)
Fannie Mae's Loan Quality Initiative : Repulling Your Credit Just Before Closing A new loan quality initiative from Fannie Mae is making it harder for home buyers and refinancing homeowners everywhere to close on a mortgage.
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