New Credit Pull during Mortgage Application!
06/10/2010 Active Rain
Starting June 1st lenders will be directed by Fannie Mae to re-pull credit to take a closer look at our clients debt obligations and to review and evaluate the inquires section of the borrower’s credit report to determine if the borrower received credit that is not showing in their current credit report or disclosed on the loan application. If credit was obtained, a verification of debt must be provided and the borrower must re qualify with that debt.
This could prove to be disastrous for a 1st time home buyer or homeowners looking to refinance or purchase a home that applied for a mortgage and their debt to income ratios were on the higher side. It’s wise to advise clients to avoid any major credit card purchases and applying for additional credit during the mortgage process in case there are any delays with the process of their mortgage application.
If for any reason the customer has to re-apply elsewhere, their credit score may be lower as a result, which could prove detrimental to receiving financing from another lender. Please visit us at www.fnfgroup.com. or if you have any mortgage questions regarding financing please email me at staylor@fnfgroup.com
Fannie Mae Extends 3.5 Percent Seller Assistance on its Real Estate Owned Properties
April 27, 2010
WASHINGTON, DC — Fannie Mae (FNM/NYSE) today announced the extension of its seller assistance incentive on all Fannie Mae-owned HomePath properties. Buyers will receive 3.5 percent of the final sales price to be used toward closing cost assistance or their choice of selected appliances. The offer is available to any owner-occupant who closes on the purchase of a property listed on www.HomePath.com by June 30, 2010.
“We are happy with the results of the program, which has helped us to sell properties quickly, thereby stabilizing neighborhoods and property values,” said Terry Edwards, Executive Vice President of Credit Portfolio Management.
Properties listed on www.HomePath.com are owned by Fannie Mae and include a wide selection of homes, including single-family homes, condominiums, and town houses. HomePath properties may also be eligible for special HomePath Mortgage and HomePath Renovation Mortgage financing, which offers prospective buyers an opportunity to purchase properties with as little as 3 percent down.
Fannie Mae’s HomePath Program
Fannie Mae has introduced a new toll to help buyers identify properties that are within the First Look marketing period on Homepath.com. The First Look timer is designed to provide owner occupants and buyers using public funds a first look at Fannie Mae owned properties. Typically the first 15 days a property is listed on Homepath.com the only offers considered are only from owner occupants or buyers using public funds.
Property’s that are eligible for the program will include a Firs Look logo and a timer that indicates the number of days remaining. As of May 3rd the listing date will no longer be tracked according to MLS listing date. All offer and negotiations should be based on the “days left in First Look as provided in the property details. If you have any questions regarding the Home Path program or need details on public funding programs please email me at staylor@fnfgroup.com
Please email questions to staylor@fnfgroup.com or visit us at fnfgroup.com
