Fannie Mae Made It Easier to Qualify for a Mortgage July 29, 2017

Fannie Mae DU 10.1 Update (after July 29th, 2017) With DU version 10.1, conventional loans are now more likely to require only one year tax returns when qualifying for a home loan. Under the new fannie mae guideline, the criteria that determines the documentation required to verify a self-employed borrower’s income will be updated.

In July 2012, consumers were more pessimistic about getting a mortgage than any time since Fannie Mae started collecting data. Just 41% believed it would be easy to get a mortgage.

Thankfully, Fannie Mae made it easier to qualify for a mortgage by raising its DTI maximum from 45 percent to 50 percent in July. "This opens doors for additional borrowers with good credit. And it increases the ability to make a reasonable down payment to obtain a home mortgage," says Baker.

 · Fannie Mae is making it easier for some borrowers to spend up to half of their monthly pretax income on mortgage and other debt payments. Fannie is a.

 · Fannie Mae Eligibility. Fannie Mae loans are not as forgiving in credit or down payment requirements as FHA loans. Fannie Mae requires a minimum credit score of 620 for fixed-rate mortgages and 640 for adjustable-rate mortgages. The typical minimum down payment is 5 percent for fixed-rate mortgages and 10 percent for adjustable-rate loans; however,

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 · Two major changes make getting a mortgage easier Millions will suddenly qualify for home loan this month. July 5, 2017.. mortgage giants Fannie Mae.

Fannie Mae is making it a little easier for people with all kinds of existing debt – including student loans – to qualify for mortgages.. mortgages. The change will kick in on July 29.

But aspiring homeowners might soon get a break as it becomes a little easier for those with student, credit card, and car loan debt to qualify for a mortgage. Fannie Mae plans to increase its allowable debt-to-income ratio from 45% to 50% on July 29.

The requirements that apply to document custodians are also more fully described in Fannie Mae’s Requirements for Document Custodians (RDC) on our website, or in the master custodial agreements (forms 2003 or 2010).

. 2017 with 5 major updates that make home loan financing easier.. Over the weekend of July 29th, 2017, Fannie Mae will update DU.. The interest rates on an adjustable mortgage is almost always much. much better chance of qualifying for a home loan with a Fannie Mae conventional loan in 2017.

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