Featured Homes
- 19440 East Mann Creek
- 8788 E. Mad River Rd in Parker
- 20949 Woodside Lane, Parker CO
- 4054 S. Atchison Way, Aurora, CO
- 4056 S. Atchison Way, Aurora, CO
- 37963 County Road 17, Elizabeth, CO 80107
- 4896 South Dudley Street, Denver Colorado 80123
- 10427 Longleaf Drive, Parker CO 80134
- 15896 Quarry Hill Drive, Parker CO 80134
- 7995 S. Roslyn Way, Centennial, CO 80112
- 1067 Ridge Oaks Drive, Castle Rock, CO
- 9674 Deerhorn Court in Parker
- 5055 Miriam Lane, Parker CO 80134
- 41456 Farmhouse Circle, Parker CO
- 6251 Westview Circle in Parker
- 10668 Stone Creek Ct. Parker CO 80134
Helpful Parker CO Links
Short Sales Info
Neighborhoods
- Highlands Ranch Homes
- Castle Rock Homes
- Horse Creek
- Lone Tree Colorado Homes
- Meridian Village
- Newlin Meadows
- Pradera
- Stonegate
- The Timbers
Local Resources
Videos
Categories
- Fun Things to Do
- Colorado Short Sales
- Homes for Sale
- Just Cool Photos
- Real Estate Answers
- Real Estate Stats
- Rental Homes
Archives
- February 2012 (5)
- January 2012 (20)
- December 2011 (3)
- November 2011 (11)
- October 2011 (9)
- September 2011 (3)
- August 2011 (3)
- April 2011 (6)
- March 2011 (7)
- February 2011 (2)
- January 2011 (11)
- December 2010 (3)
- November 2010 (11)
- October 2010 (24)
- September 2010 (5)
- August 2010 (5)
- July 2010 (7)
- June 2010 (9)
- May 2010 (5)
- April 2010 (17)
- March 2010 (5)
- February 2010 (13)
- January 2010 (13)
- December 2009 (5)
- November 2009 (30)
- October 2009 (31)
- September 2009 (36)
- August 2009 (21)
- July 2009 (9)
- June 2009 (16)
- May 2009 (12)
- April 2009 (2)
Fannie Mae is Making Obtaining a Home Loan EVEN More Difficult!
Jun 10th 10
Fannie Mae Loans?
Wow with all the good news of late in the housing industry I thought we were maybe heading for smoother waters. Slow down partner. Now Fannie Mae has to step up and change the rules yet again.
Fannie Mae new rule starting June 1st. When you apply for a loan Fannie Mae will screen your credit (like normal) at the beginning of the process but also a “Last Minute CREDIT Screening” just before closing.
WHY?
They do not want your debt to income ratio to change from the time of application and initial approval to closing. for some home buyers this is a really difficult thing to not do. They think of a house and automatically think of all the cool stuff they want to buy and have in the new home. I suggest you just say NO to new credit until after the closing.
It’s simple…Fannie Mae wants to check to see if you have opened or EVEN applied for new credit since you applied for your loan with them to purchase your home. Basically if you make applications of ANY TYPE for credit prior to closing other than your home loan you could be in serious trouble. It could cause your loan to be put on hold and possibly sent back into underwriting or even denied if they find a new credit application or credit check.
When you apply for a home loan with Fannie Mae do NOT do this!
Do not:
- open a new credit card
- call the bank for higher limit on your current cards
- miss a payment on an existing credit account
- apply for credit for furniture for the new home
- hire a landscaper on credit
- buy a new car on credit
- open a home equity line
- you get the picture-do not apply or open any type of credit or you could be in DEFAULT and lose your Earnest Money.
Bottom line is you shouldn’t do anything that should jeopardize your home loan between initial application and closing which means NO new purchases or credit accounts.
Leave a Reply
Social Networking Profiles
