If you would like information regarding a loan please give me a call. I will be happy to sit down with you and review the many different packages available. Whether it is a new purchase loan, re-finance, equity line, reverse mortgage, investment property or commercial property loan that you need, I will be happy to review the options with you and discuss it in more detail. Interest rates vary day to day and are dependent on many factors in todays tightening finance market. Let's get together and see what options are available to you.
josh@thefundingsource.com
In this well-publicized period of changes to lending guidelines, fanniemae has announced significant tightening up of automated loan approvals that will be effective for all conventional agency files beginning June 1, 2008. This means that a loan that needs to be “grandfathered” under the current automated approval standards should be underwritten as such prior to the change date, even if it is closing on or after June1, 2008.
While the intent herein is not to make you a loan specialist, but rather, to keep you informed as to pertinent changes in the industry, I do believe that some level of detail is necessary in order to help you to protect your as a client, be you as a buyer or seller. Accordingly, bulleted below are the most significant differences that might impact you as customers:
· Higher credit quality required.
· Acceptable Debt to income ratios will be lowered.
· FICO < 580 ineligible, regardless of amount of money being put down on transaction.
· If foreclosure within 5 years, loan will be ineligible for fanniemae.
In short, if you suspect that any of your customers are marginal or might be impacted by these changes, please call us or their lender to make sure that they are cleared to close prior to the May 31st change date, regardless of actual closing timeframe.
Remember that FHA, VA, and Rural are still excellent alternatives as well.
For any questions or clarifications, please do not hesitate to contact me or one of our very capable loan counselors immediately!
