Changes to Fannie Mae Loan Approval Guidelines
December 21st, 2009 category: Buyers
The information below was taken directly from the Fannie Mae site, and details for home borrowers new restrictions, ratios, and guidelines being implemented now under Desktop Underwriting 8.0.
Of primary interest on the east end of Long Island for second home seekers are changes to second home property qualifications. It would appear that flexibility- even a little- is not happening.
For those seeking a primary home on the east end, changes have been made that may affect your total debt ratio. Under the current guidelines, unless you have a very specific credit score minimum, as well as reserves, verifiable income, and ratios that fall VERY closely within the guidelines, your potential purchase is likely at risk if any of those elements are lacking.
You can find all information here.
Your lender can assist you in navigating these changes- understanding what to expect will be key to a smooth home purchase.
To search available homes for sale on the North Fork / East End Long Island or condos on the North Fork of Long Island, click “north fork homes”, enter your area of interest and any parameters, and click “go”- properties for sale include Riverhead, Aquebogue, Baiting Hollow, Calverton, Jamesport, Laurel, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, Orient, Orient Point, Westhampton Beach, Hampton Bays, Flanders, Southampton, Sag Harbor, East Hampton, Montauk, NY.
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