What is happening today in mortgage lending:
Fannie Mae
FANNIE MAE is reducing the max cash out to 85% for a 1-2 unit for owner occupied and investment properties 75%. They also are now requiring seasoning on some refinances(i.e. if they have owned the property for less than 6 months they are not eligible for cash out and more). You can find much more in the news bulletin 08-22. Remember lenders usually change the guidelines prior to the required date by Fannie Mae. This is a must read!!
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
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