Below is a list of some recent Fannie Mae guideline changes that will help more buyers and existing homeowners qualify for loans.....
Old Guideline:
Stocks, bonds and mutual funds (including retirement accounts) required a standard 40% reduction in value for qualifying.
New Guideline:
100% of the value can be use when determining available reserves!
Old Guideline:
Limited reviews on condo projects were only available on loan-to-value’s less than 80% on a principal residence.
New Guideline:
The 80% limitation has now been increased to 90%, allowing for better service of condo markets!
Old Guideline:
Buyers converting a primary home to an investment property in order to purchase a new home had significant reserves requirements.
New Guideline:
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!
Stocks, bonds and mutual funds (including retirement accounts) required a standard 40% reduction in value for qualifying.
New Guideline:
100% of the value can be use when determining available reserves!
Old Guideline:
Limited reviews on condo projects were only available on loan-to-value’s less than 80% on a principal residence.
New Guideline:
The 80% limitation has now been increased to 90%, allowing for better service of condo markets!
Old Guideline:
Buyers converting a primary home to an investment property in order to purchase a new home had significant reserves requirements.
New Guideline:
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!