Posted on Friday, 6th February 2009 by chrisjones

Thanks to BrokerOutpost, we have the following:
DU Version 7.1 April 09 Update:
Starting April 4, 2009, the DU Refi Plus will take effect
with some of the new enhanced features:
LTV of 80% or less will not be subject to a minimum FICO of 580.
For high balance mortage, of 80% or less, not subject to min 680.
O/O 3-4 [...]

Tags: DU Plus, FNMA, new mortgage rules
Posted in Blog & News, General, Rate Watch | Comments (0)

Posted on Friday, 6th February 2009 by chrisjones

A letter distributed by FNMA says that it will be modifying its loan standards come April 4.  These modifications will reduce credit standards, waive appraisals in some cases, and allow less documentation for income.  It’s a bit light on specifics at this point, but those are the highlights.
This is welcome news for those that need [...]

Tags: FNMA, new mortgage rules
Posted in Blog & News, Rate Watch | Comments (0)