The underwriting guidelines from Freddie Mac and Fannie Mae form the cornerstone of the mortgage underwriting process. It is important for lenders to strictly adhere to these guidelines because they form the foundation of the rules that govern mortgage loans.
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With changing economic conditions, both the government agencies change the underwriting guidelines to ensure borrowing and lending are carried out fairly and in true spirit. In this blog we would like to highlight some of the latest mandates formulated by these two bodies to regulate the lending landscape.
Fannie Mae Guidelines
Fannie mae guidelines for underwriting in verifying the lender’s responsibilities and the eligibility of the borrower’s is as follows:-
Freddie Mac Guidelines
More home buyers can get 2018 mortgages without having to pay higher interest rates on jumbo mortgage loans. Jumbo mortgage loans exceed the conforming loan limit in order to facilitate the purchase of a high priced luxury home, for a borrower. They also attract a higher rate of interest. The standard base loan limit has been raised to $453,100, making it the first increase in a decade. This is due to the rising property values.
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December 2020
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