No, this isn’t a rerun of a previous post. Fannie Mae did toughen its guidelines ten weeks ago. And it’s doing so again.
Here are the latest changes:
- Lowered debt-to-income ratios to 45% maximum
- Minimum credit score increased to 620
- More loan-level pricing adjustments when MI is involved
Loan level pricing adjustments (LLPAs) can be found in Fannie Mae’s matrix (aka the Chart of Death) and can be unbelievably onerous. Continue reading ‘Fannie Mae Making Things Even Tougher. Again.’
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