Just when you thought it was safe to lock your loan...daaaaaa na daaaaa na da na da na da na. The good news is rates dropped .250% today. The bad news is its getting harder to obtain financing. Fannie mae has announced that we will only be able to count 60% of a clients 401k towards reserve. Please Read on unless you don't like bad news. In addition Mutual funds, that are considered liquid, will now have to take a 30% hit. Before we were able to use 100% of the value. I just got a conditional approval from a lender. I was excited. I then read my client had to be 6'2 in height. We got out the tape measure and we were 1 inch short. Frantically I called underwriting to see if we could get an exception to this condition. We couldn't so the Fri when we sign final docs he will have to wear his wifes' heels. What will it be next and when will it end? The only answer is we have to get our foreign investors back into our money supply. The problem is they were hit the hardest by the sub-prime debacle.
That's all folks.
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