Much has transpired in the past 12 months, but none more important that the guideline changes announced by Fannie Mae back on September 5, 2008.
Within Announcement 08-22, Fannie Mae provided updates and clarification on the new guidelines scheduled to be implemented in the months to come. As of today, almost all changes have been implemented since the upgrade to Fannie Mae's automated underwrite system, more commonly known as Desktop Underwriter (DU).
One of the most notable changes came in the form of restrictions based on the maximum allowable loan-to-value for all new loan was designated as purchase money, rate/term refinance or cashout refinance.
Do you know what all this means to you?
If yes, you then understand the difficulty & reality of the credit crisis.
If no, please contact my office so that one of the qualified mortgage professionals can give you proper guidance for your situation.