Fannie Mae Made It Easier to Qualify for a Mortgage July 29, 2017

From the article: In addition to the FICO changes, mortgage giants Fannie Mae and Freddie Mac are allowing borrowers to have higher levels of debt and still qualify for a home loan. The two are.

Some great changes are coming to Fannie Mae loans on July 29, 2017. This benefits texas homebuyers by allowing more people to qualify under more flexible guidelines. fannie mae recently announced new changes to its Desktop Underwriter (DU) Version 10.1 in order to make underwriting easier and simpler for Texas home buyers.

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WASHINGTON – Is it easier today for home buyers with a high debt ratio and sub-par credit scores to qualify for a. Conventional mortgage approval requirements haven’t budged much at the giant.

WASHINGTON – Homeowners with student loans could eliminate some of that debt by rolling it into a new mortgage with a lower rate through Fannie Mae. In addition. Both are intended to make it easier.

Easier Self-Employed Qualifying Fannie Mae has now opened the 1 year self employed tax return program! In the past this was a very unknown product that was open to Freddie Mac. Now that Fannie Mae has launched it as well it seems that mortgage brokers, lenders and loan officers a like have finally caught on to the 1 year trend.

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Student loan guidelines have made it easier for borrowers to qualify. First, up until now student loan borrowers on income-driven repayment plans faced special underwriting challenges under Fannie Mae. Lenders were instructed to use 1% of the student loan balance for calculating a borrower’s debt-to-income ratio (instead of the actual payment amount).

In July 2012, consumers were more pessimistic about getting a mortgage than any time since Fannie Mae started collecting data. Just 41% believed it would be easy to get a mortgage.

On July 29, Fannie Mae will activate an update to “desktop underwriter. spoken with reverence or disgust throughout the industry. This update will make it easier for us to approve loans..

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