Good news for the nation’s 14-million self-employed workers — mortgage lenders are making it easier to get approved for a purchase loan or home refinance.
4 The Center for american progress believes that. a lack of consumer standards for mortgages; an unregulated private mortgage securitization system; and shareholder incentives that drove Fannie Mae.
Qualifying for a mortgage will be easier when Fannie Mae increases its back end (total monthly debt) debt-to-income ratios from 45% to 50% on July 29th 2017. More qualified borrowers on the edge of getting a loan (e.g., first-time home buyers, moderate-income borrowers carrying more debt) could potentially qualify for a higher loan amount.
With the launch of Desktop Underwriter Version 10.1 last July, Fannie Mae is allowing borrowers to qualify based on their employment offers, allowing for a smoother closing of loans regardless of whether if they have officially started on their new job or not.
Fortunately, the Virginia Housing Development Authority has recognized the downward trend and taken steps to make it easier for first. of a wider shift in the mortgage industry to help more people.
· Good news for the nation’s 14-million self-employed workers — mortgage lenders are making it easier to get approved for a purchase loan or home refinance.
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· Why It’s Becoming Easier to Qualify for a Mortgage November 6, 2017. Fannie Mae has reported that mortgage lenders are continuing to ease their mortgage standards due to mounting market pressures including competition from other lenders.
Published on Jun 12, 2017 NMLS 227887 541.284.8032 firstname.lastname@example.org Fannie Mae just announced some big changes that will make it easier for more borrowers to qualify for a home loan.
Updated July 29th, 2017. In a May 20th announcement, Fannie Mae released a sneak peek of it’s 10.1 update of the DU (desktop underwriter) automated underwriting system.. A major move to make conventional loans more widely available will come in the form of higher debt to income ratios beginning the weekend following the July 29th update.
If you’re shopping for a mortgage, these changes to Fannie Mae’s rules could help you. oct 27, 2017 at 7:17AM. Fannie Mae is a government-sponsored organization that rose out of the ashes of the Great Depression with a mandate to help low- to moderate-income borrowers find a mortgage.