Conventional Loan Change for Those Affected by the Govt Shutdown

By
Mortgage and Lending with www.DaveYourMortgageGuy.com - Legend Lending NMLS #293883
https://activerain.com/droplet/5gVQ

Quick update, Fannie Mae just came out and made a temporary change to mortgage guidelines for those borrowers that are affected by the Govt Shut down.  This change would be for those not working due to the govt shut down.  Here are the specifics:

 

  1.        This change is for all conventional loans except for High Loan to Value refinances.  So it will affect, purchase loans. 
  2.        The borrower will now need 2mths of Reserves(aka 2 mortgage payments) or the amount required per Fannie Mae’s mortgage automated approval system.   Long story short many loans do not require any reserves, so this change would mean any govt employee that is affected would need to have more money saved vs prior to the temporary change

 

This change is temporary until the government is back to work.  Thou if you are working with a client affected by the shut down, you will want to contact their lender asap to confirm if their loan is affected. 

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David Krichmar 

Mortgage Banker NMLS#293883 

Legend Home Lending

LLC NMLS #229421

Has Written For Realtor Magazine, Houston Agent Magazine, Scotsman Mortgage Guide

Appeared On Fox Business

 

Named 5 Star Mortgage Professional 2013, 2014, 2015, 2016, 2017

Named Top Mortgage Professional 2010,2011

Office:832-689-6012

Dave@DaveYourMortgageGuy.com

www.DaveYourMortgageGuy.com

For More Mortgage Info Follow me at  Dave's Blog

 

If you are looking for a FHA, VA, USDA, Homepath, Conventional, Jumbo, Construction, FHA 203k mortgage in Fort Bend County, Sugar Land, Houston, Katy, Harris County, Brazoria County, Pearland, Richmond, Bellaire, West University, The Woodlands, Kingwood, Friendswood, Clear Lake, Galveston, Fulshear, Tomball, Spring, Conroe, Montgomery County or anywhere in Texas I am your GUY!  

 

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