Wednesday, August 29, 2012

Fannie Mae Selling Guide Updated

Just this past week, Fannie Mae issued its Selling Guide with other updates. To see the guide, click here.

Two highlights from the Guide are as follows:

  1. Maximum LTV for ARMS are reduced from 97% to 90% with Desktop Underwriting & from 95% to 90% for Manual Underwriting. 
  2. Minimum credit score requirement is increased from 620 to 640 for manually written loans. 
These changes become effective on 10/20/12. 

If you are a mortgage banker, mortgage broker, or real estate salesperson; this guide is a must read.