Big Fannie Mae Guideline Changes (short sales, DU Refi+ Making Home Affordable, no more 3% down)

[tunseeker1]

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@last4ever wrote:

Here's our situation. 

We went under ratification yesterday, and preapproved for the 97% LTV.  Our sellers wanted 60 days to close, which puts us at a Nov 14th closing date.  Our loan officer said we should go forward, but that their investors may pull the program before Nov 16th.  

Should we insist on moving the closing date up, and by how much?  

Thanks!   

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It depends on why they want the 60 days to close. WHat about closing early and having them rent back until the date they wanted, that gets you your loan.

[ShanetheMortgageMan]

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@boober wrote:

Can someone please tell me what and how these new changes will affect those looking to refi under HARP?

I qualify for HARP, my home is with Fannie Mae, but my DTI is right around 70% or so, I'm paying it all down, and by around February of 2014, my DTI  will be around 45%, but it appears as though that won't matter since all loans are being capped out at 43%?!?!

Will all my efforts be for naught????

Will I have to find some way to pay down that extra 2% to get myself down to around 43%?

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HARP is unaffected other than the new changes that apply specifically to HARP (#3 in the original post).  Not sure where you read all loans are being capped out at 43%.  Currently DU Refi+ will approve DTI's up to 65%.