What are the new Fannie Mae, FHA, or Freddie Mac guidelines that people should know about?
Understand what Fannie and Freddie are. Most banks do not keep their loans–they sell their loans to the secondary market to recoup cash that they can lend again. Fannie Mae and Freddie Mac represent 80% of the secondary market.
You go to Chase for a loan, they likely will turn around and sell to Fannie and Freddie who set the guidelines for loans. Each bank adds their own overlay on top of those guidelines. For instance, the FHA says they’ll do a loan on a credit score of 620, but good luck getting a loan at Wells Fargo, Chase, or Bank of America with that credit score. Banks are private companies and can choose to say, “No.”
These guidelines are complicated and there are many of them. That is a big reason to work with a professional, whether a banker or mortgage broker. These guidelines with Fannie and Freddie change and keeping up with them is half the challenge.
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