I just recieved an e-mail from one of my lenders (GMAC)....he says that that all FNMA products will be changing as soon as tomorrow!
(from e-mail:)
ALL EA LEVELS AND MY COMMUNITY IS CHANGING TOMORROW, FANNIE IS CHANGING THE MIN FICO TOMORROW, RUN AND LOCK THESE LOANS TODAY. THEY ARE SAYING MIN FICO @ 620!
If this is true, a lot of deals will be lost to 580 - 620 borrowers who are pre-approved and actively looking for houses! KEEP YOUR EYES OPEN!!
This change is significant enough to remind me of last year when sub-prime lenders were falling out and guidelines changed so quickly that many many LO's and Realtors lost many deals simply because the borrower was qualified on Monday and was not on Tuesday!
FHA lenders who only take a 580 or better are looking better NOW! Hopefully the new FHA limits will be in place SOON!
:-)
~Kris Krajecki
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