Fannie Mae to tighten DU

Mortgage and Lending with Carolina Home Mortgage
What does that mean?  Well less loans will be Approved. You will see Levels but who is going to finance them? Fannie Mae is putting a cellar on the credit score of 580.  Everyone else has.  Mortgage Insurance will not be a mitigating risk factor anymore.  But most of this is going on already.  The DTI's will be tightened.  But lending laws and regulations have already said that they should be tighter.  We just need to fasten our seat-belts for the bumpy summer ride.  I think the market is going to start turning around by fall.  We must keep a positive attitude and try to find financing for our potential home-buyers.

Comments (5)

Cherimie Crane
Cherimie Crane & Associates - Beaufort, SC
I agree Kate! Thanks for the update!
Apr 15, 2008 08:10 AM
Charlie Ragonesi - Big Canoe, GA
Homes - Big Canoe, Jasper, North Georgia Pros
We continue to tell buyers this and urge them to act now. I thing making it harder to get into the market will help a bunch
Apr 15, 2008 08:21 AM
Jennifer Butz
Not yet determined - Lilburn, GA
Thank you! I think this is still a buyer's market, regardless if it looks like it or not. Let's all keep a positive attitude during this whole time! Thanks again!
Apr 15, 2008 08:24 AM
Eleanor Thorne
Equity Resources - Cary, NC
Equity Resources 919-649-5058
Kate!  GOt the new appraisal guides from Coastal today - kinda scary stuff!  NOW they want a PENDING SALE on the grid!!??!!
Apr 15, 2008 09:13 AM
Will Merritt
TampaBayLoanOfficer - Pinellas Park, FL
Tampa Bay's Most Trusted Lender
Kate thanks. i love to see other professionals telling the truth about our side of the industry. keep up the positive mood. Thanks Will Merritt
Apr 15, 2008 11:28 AM