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Home › Forums › Closed Forums › Buying and Selling RE › Getting harder to qualify for mortgage loans…

  • This topic has 90 replies, 13 voices, and was last updated 15 years ago by HLS.
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  • December 1, 2009 at 12:36 PM #16743
    HLS
    Participant

    Fannie Mae is raising its minimum credit score to 620 from 580 and lowering its maximum debt-to-income ratio to 45% to reduce future defaults.

    These underwriting changes go into effect the weekend of Dec. 12

    “The adjustments reflect careful analysis of a borrower’s ability to repay their mortgage obligation over the life of the loan,”

    Fannie claims that borrowers with credit scores below 620 are generally nine times more likely to become seriously delinquent than other borrowers.

    In modifying loans, “we have seen too many borrowers where their other consumer debt has jeopardized their success at homeownership,”

    December 1, 2009 at 12:47 PM #488861
    UCGal
    Participant

    debt to income of 45%… That still seems too high.
    But what do I know.

    December 1, 2009 at 12:47 PM #489729
    UCGal
    Participant

    debt to income of 45%… That still seems too high.
    But what do I know.

    December 1, 2009 at 12:47 PM #489498
    UCGal
    Participant

    debt to income of 45%… That still seems too high.
    But what do I know.

    December 1, 2009 at 12:47 PM #489410
    UCGal
    Participant

    debt to income of 45%… That still seems too high.
    But what do I know.

    December 1, 2009 at 12:47 PM #489027
    UCGal
    Participant

    debt to income of 45%… That still seems too high.
    But what do I know.

    December 1, 2009 at 1:19 PM #489528
    creechrr
    Participant

    [quote=UCGal]debt to income of 45%… That still seems too high.
    But what do I know.[/quote]

    Yeah, me too!

    December 1, 2009 at 1:19 PM #489440
    creechrr
    Participant

    [quote=UCGal]debt to income of 45%… That still seems too high.
    But what do I know.[/quote]

    Yeah, me too!

    December 1, 2009 at 1:19 PM #489057
    creechrr
    Participant

    [quote=UCGal]debt to income of 45%… That still seems too high.
    But what do I know.[/quote]

    Yeah, me too!

    December 1, 2009 at 1:19 PM #488891
    creechrr
    Participant

    [quote=UCGal]debt to income of 45%… That still seems too high.
    But what do I know.[/quote]

    Yeah, me too!

    December 1, 2009 at 1:19 PM #489759
    creechrr
    Participant

    [quote=UCGal]debt to income of 45%… That still seems too high.
    But what do I know.[/quote]

    Yeah, me too!

    December 1, 2009 at 1:34 PM #489764
    HLS
    Participant

    This is actually an improvment towards reality…

    I tell people that they can get approved for more than they should be comfortable borrowing.

    I have seen approvals as high as 60%+, but with compensating factors. Many people have some income that underwriters will not count. Many self employed have more income or those with bonus/commission/overtime cannot always be used.

    In a society where the govt encourages spending if it took 20% down and 30% debt ratios to qualify for a mortgage, you would see home prices much, much lower, but that just wouldn’t be good for an artificial, phony economy. Don’t expect to see it anytime soon.

    December 1, 2009 at 1:34 PM #489062
    HLS
    Participant

    This is actually an improvment towards reality…

    I tell people that they can get approved for more than they should be comfortable borrowing.

    I have seen approvals as high as 60%+, but with compensating factors. Many people have some income that underwriters will not count. Many self employed have more income or those with bonus/commission/overtime cannot always be used.

    In a society where the govt encourages spending if it took 20% down and 30% debt ratios to qualify for a mortgage, you would see home prices much, much lower, but that just wouldn’t be good for an artificial, phony economy. Don’t expect to see it anytime soon.

    December 1, 2009 at 1:34 PM #488896
    HLS
    Participant

    This is actually an improvment towards reality…

    I tell people that they can get approved for more than they should be comfortable borrowing.

    I have seen approvals as high as 60%+, but with compensating factors. Many people have some income that underwriters will not count. Many self employed have more income or those with bonus/commission/overtime cannot always be used.

    In a society where the govt encourages spending if it took 20% down and 30% debt ratios to qualify for a mortgage, you would see home prices much, much lower, but that just wouldn’t be good for an artificial, phony economy. Don’t expect to see it anytime soon.

    December 1, 2009 at 1:34 PM #489533
    HLS
    Participant

    This is actually an improvment towards reality…

    I tell people that they can get approved for more than they should be comfortable borrowing.

    I have seen approvals as high as 60%+, but with compensating factors. Many people have some income that underwriters will not count. Many self employed have more income or those with bonus/commission/overtime cannot always be used.

    In a society where the govt encourages spending if it took 20% down and 30% debt ratios to qualify for a mortgage, you would see home prices much, much lower, but that just wouldn’t be good for an artificial, phony economy. Don’t expect to see it anytime soon.

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