Below is a list of some recent Fannie Mae guideline changes that will help more buyers and existing homeowners qualify for loans.....
Stocks, bonds and mutual funds (including retirement accounts) required a standard 40% reduction in value for qualifying.
100% of the value can be use when determining available reserves!
Limited reviews on condo projects were only available on loan-to-value’s less than 80% on a principal residence.
The 80% limitation has now been increased to 90%, allowing for better service of condo markets!
Buyers converting a primary home to an investment property in order to purchase a new home had significant reserves requirements.
Fannie Mae has eliminated the reserves requirements for additional properties!
HOW YOU CAN USE THIS:
Be confident in knowing we are on top of all Fannie Mae guideline changes to ensure we can qualify as many of your clients as possible. The above changes all help qualify more buyers, and make the loan process easier for those buyers.
Contact us with questions any time...we're here to help!