Fannie Mae Tightens Credit Guidelines For Mortgages
Borrowers using Fannie Mae Can Expect Additional Credit Checks
Fannie Mae recently adopted a new program called the Loan Quality Initiative (LQI). In a move to improve the quality of its loans, Fannie Mae introduced additional credit checks for those requesting a mortgage. A buyer can expect a credit check a second credit report right before closing on a new home.
Lenders will be re-checking a credit score to verify that the buyer's credit has not changed since the original approval. Buyers MUST be extremely careful not to do anything that could negatively impact their financial picture. Lenders are now counseling buyers not to make purchases, apply for new credit cards or cancel cards. It is essential that the buyer follow the lender's recommendations or risk the cancellation of their closing.
Homes in the Piedmont professionals have Rock Hill, and Fort Mill mortgage partners that are well informed and exceptional. Contact us at 803-985-3030 to get pre-approved to purchase your new home.