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Fannie Mae is rolling out new lending guidelines

Fannie Mae is rolling out new lending guidelines Tuesday, September 1, 2009. 

Being approved for a home loan could be much more difficult. The new rules mark the first major underwriting update since April of this year.  The changes are mostly geared at fraud prevention.

Among the updates:

  1. Stock options are no longer eligible for “reserves”
  2. Relocating families can’t use the “trailing” spouse’s projected income
  3. “Tip” income must be documented and verified
  4. Lenders must call employers to verify employment
  5. Lenders must verify tax transcripts against IRS records

But there are other changes, too.  As examples:

  1. Owners and buyers of 2-unit homes are subject to new minimum FICOs with larger downpayment and equity requirements.
  2. Only 70% of stock, bond and mutual values may be used as reserves
  3. Only 60% of retirement assets may be used as reserves

Not everyone that qualifies for a mortgage on

Monday, August 31 will qualify on Tuesday, September 1. 

Read the complete Fannie Mae announcement online.

Please call me with any questions 813 784 7744

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Written by Rae Catanese, Realtor

Licensed Realtor since 2002, Tampa Bay’s own Rae Catanese regularly gives expert advice and insider tips about the Tampa Bay real estate market via her blog, The Tampa Real Estate Insider. If you are thinking of buying or selling a home in the Tampa, St. Petersburg or Clearwater areas-then this blog is for you. I typically post articles once a week. To make sure you don’t miss my newest posts, you can subscribe here! Have a real estate question? Email me here!

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