Starting July 29th there are some changes coming down for Fannie Mae.
All of these listed below are GOOD news! …More people will become eligible for loans.
* DU will allow up to 50% DTI without requiring any compensating factors
* If you get an approved/Eligible with disputed trade lines more often than not the disputed tradelines will not have to be addressed
* More Self Employed borrowers will be eligible for 1 year tax returns
* Tax Liens/Judgments will not show up on credit reports anymore
* Cash-out to pay off student loans will be treated as Rate/Term. No Cash out hit.
* Timeshares are always treated as installment loans.
* If you get an approved/Eligible with disputed trade lines more often than not the disputed tradelines will not have to be addressed
* More Self Employed borrowers will be eligible for 1 year tax returns
* Tax Liens/Judgments will not show up on credit reports anymore
* Cash-out to pay off student loans will be treated as Rate/Term. No Cash out hit.
* Timeshares are always treated as installment loans.
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
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