Hello,
Fannie Mae continues to grow more and more conservative.
Starting December the 12th they are revising their automated underwriting guidelines again.
Some of the more notable changes...
1) If you are trying to purchase a home and you have a foreclosure on your credit record more than 5 years old, but less than 7 years old - it will now require a 10% down payment, and a 680 credit score. Cash out refinances will not be permitted.
2) Bankruptcies will be broadened to include no dismissals in the last 4 years. ...this is for chapter 13 or chapter 7.
The good news is that these changes will not affect FHA, VA, or USDA.
I hope you have a good day today. Thanks for reading!
Brett
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