Helping make real estate dreams come true Fannie Mae has implemented a new policy which will go into effect on June 1, lenders are responsible for certifying that the borrower's monthly obligations have not increased from the time of when credit was initially pulled through the closing date. This is effective for new conventional applications only and is not applicable for VA, FHA or Rural Development loans at this time but traditionally they will soon follow. The goal is to reduce the number of loans that default because of new, non-disclosed debt. Lenders have the freedom to verify in whatever manner they wish, but in most cases, the verification process will amount to a credit re-pull made just prior to closing. A credit report will be pulled at the beginning of the application and will also be pulled 5 days prior to closing. What does this mean...
A quirky blog by a Real Estate Broker about Central MN Real Estate, about town happenings, real estate tips, life, short sales, Minnesota lake homes, Minnesota log homes, first time home buyers, Military Buyers, downsizing, upsizing and Minnesota lake cabins for sale.Waterfront property in the Brainerd Lakes area is for you!