Effective with all loans submitted to Fannie Mae (FNMA) through the Desktop Underwriter (DU) a fair percentage of borrowers will no longer qualify for loans based not on common sense underwriting but rather on an automated decision. Fannie guidelines have allowed total debt ratios to exceed the forty-five percent cap especially when there were other circumstances such as long time established credit, more liquid reserves than normally required or installment loans which have a short time remaining before pay off.
via examiner.com
Hang on real estate agents. Getting those buyers approved is getting tougher 12/12/09 - you can thank the failing Fannie Mae. Read the full article and subscribe for daily news updates.
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