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Fannie Mae guidelines to tighten December 12th


The mortgage lending guidelines will tighten once again on December 12, 2009 making it more difficult for some borrowers to obtain a purchase loan or refinance their existing mortgage.

Fannie Mae announced it will limit the maximum debt-to-income ratio to 45% of a borrower's gross income.  Previously, a borrower could qualify up to 50-55% debt ratios.  Fannie Mae did mention that they will consider debt-ratios up to 50% assuming the borrower can provide "strong compensating factors".  This would include high credit scores, low loan-to-values (LTV's) and/or significant cash reserves.

In addition to debt ratios, Fannie Mae will also require a minimum credit score of 620, previously the minimum was 580.  Fannie Mae believes raising the minimum credit scores and tightening the debt ratios will support prudent risk management and better ensure sustainable homeownership.  One can argue that this is an effort to crackdown on the loose lending standards that led to the mortgage crisis that started in 2008.  Industry professionals are concerned the new requirements may offset the initiatives introduced by the government to provide more liquidity in the secondary lending market.

Current mortgage rates are at an all-time low right now, so act now and avoid these stringent guidelines.  Please call a HomeQuest Mortgage representative for more details at 866-839-1117.






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