What is happening today in mortgage lending:
Fannie will be up dating to DU Version 7.1 click and review the summary. Notice they say “The income and employment documentation requirements will be updated with DU Version 7.1. The following will be the minimum income/employment documentation levels issued by DU Version 7.1:"
Your income waiver will be going away. Remember Freddie Mac has also announced effective Dec 7 Accept Plus loans will be going away.
The Hope for Homeowners program has not taken off with Lenders. That may change HUD expands mortgage modification program New rules will lower payments, encourage more lenders to participate
Don’t forget the 2008 Temporary loan limits are going away. All loans must be locked and delivered to us by Nov 28th and closed and funded by Dec 15th.
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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