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Fannie Mae and a Second Credit Report

15 September 2010

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Fannie Mae has announced that it will start requiring a second credit report just prior to closing a mortgage. What does this mean to you, the consumer? When you apply for a home loan, the investor requires a tri-merge credit report with your mid-score being, at present, at 640 or above. The higher your credit [...]

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Fannie Mae Lowers Debt to Income Ratios

13 November 2009

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     As I posted on October 8, 2009, Fannie Mae announced that it would be lowering their required debt to income to 45%. As of this post, lenders are starting to email us to state that on November 16, 2009, they will no longer accept loan packages with a higher ratio on debt to income.      Though this is only [...]

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New Fannie Mae Mortgage Loan Guidelines

8 October 2009

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     There doesn’t seem to be a week that goes by when we don’t hear of a new guideline coming down the line. Sometimes, it only affects how we deliver our loans to the investors and others, it does affect borrowers.       Remember, these guideline changes will only affect loans sold to Fannie Mae, not [...]

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New Fannie Mae Changes

22 June 2009

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     Fannie Mae has announced new changes to trailing secondary wage earner income, age of credit documentation, verification of employment and verification of stocks, bonds, mutual funds, and retirement accounts which will become effective September 1, 2009. What does this mean to you?        Lenders/banks have already become more cautious on approving mortgages. These new changes will affect whether you can [...]

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