Requirements for Re-establishing Credit
The borrower’s credit will be considered re-established if all of the following are met.
The loan receives recommendation from DU (designated underwriting system) that is acceptable for delivery to Fannie Mae or if manually underwritten, meets the minimum credit score requirements
The borrower has traditional credit re- established and (3) trade lines marked as agreed
Tags: Blogroll · Finance and Economy
In today’s challenging and uncertain lending environment, qualifying standards for home loans and refinancing are becoming increasingly more stringent. Many potential borrowers who were “pre-approved” under yesterday’s loan underwriting guidelines may discover that their loan program qualifying standards have changed or the loan program is no longer available. Unfortunately, some unwary prospective homebuyers discover [...]
Tags: Blogroll · Finance and Economy
The current credit crunch in the financial and real estate markets have significantly eliminated a vast pool of borrowers with a desire to purchase or refinance a home. This especially rings true in high cost markets like California and the San Francisco Bay Area. FHA loan programs offer great terms compared to conventional loan [...]
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Call-for-Action! The California Association of Realtors (C.A.R.) and the National Association of Realtors (N.A.R) Need Your Help to Increase Public Access to FHA and GSE Loan Products! Contact Senator Boxer Today! C.A.R. and NAR are SUPPORTING Senate Bill 2338 (Dodd) which, among other things, increases FHA loan limits to 100% of conforming loan limits (current loan limit is [...]
Tags: Blogroll · Finance and Economy
