Recent Fannie Mae guidelines change

Anonymous · ‎08-27-2007

Does anyone know if the Fannie Mae guidelines changed in the last week?

I was told by my broker, Prime Source Funding, the day we were supposed

to close that "ALL" collections need to be paid before the investor will fund

the loan. Has anyone else heard this recently?

Thanks

Mike

Anonymous · ‎08-27-2007

That guideline has always been that!! Sound like to me that you loan officer missed the memo! On the flipside please tell us more about the collection. Age... Type... Dollar amount please. Some and I say SOMEtimes you can get around it.

And if you know what bank the loan is going to be with would be good information for me also.

Try doing a search on www.fanniemae.com for more information.

HEPS wrote:
Does anyone know if the Fannie Mae guidelines changed in the last week?
I was told by my broker, Prime Source Funding, the day we were supposed
to close that "ALL" collections need to be paid before the investor will fund
the loan. Has anyone else heard this recently?

Thanks
Mike

chartley3 · ‎08-27-2007

Fannie Mae used to give you 4k they would "Forgive" that were in collections. That may have changed. Are the collections medical at all?? Most places will overlook medical collections.

Anonymous · ‎08-27-2007

Thanks

I had two judgments that needed to be paid. I collected money and gift letters from family and Prime

Source said we would close last friday. Friday morning they called and said that new Fannie Mae guidelines say all collections needed to be paid before we could close. Collections are for $1150 ambulance ride and $8,000 credit union loan which I negotiated down to $5,000. I just do not know if I can trust these guys or not. US bank is supposed to be the investor. I just do not want to find out after all of these items are paid that they want 5% down or reserves in my bank account. I asked Prime Source for something in writing from underwriter and or investor that this is all they need to close and they said they do not do that. My scores are 664,642,611 and I am requesting a zero down loan.