May 28th, 2010 10:26 AM by Christopher Terry
Do you feel like trying to purchase a home is like being trapped in a maze on confusion?
Well Fannie Mae is not doing anything to make it any easier for you. Fannie Mae and Freddie Mac currently guarantee 56% of all home loans outstanding in the market so when Fannie Mae makes a change there's a chance it could affect you.
The latest is that Fannie Mae is going to require that lender re-issue the credit report just before the closing. You might be thinking SO WHAT? Well, with loans taking 45-60 days much can change. And with credit scores affecting mortgage loan pricing and whether or not the loan will even be funded, a change as little as 1 piont could sink a deal! Your credit score is determined through many factors and fluctuates throughout the month. So if you are in the middle of a real estate transaction your best bet is to NOT make any purchases on credit until the keys are in your hands!!! Talk to your mortgage loan officer and ask if this is an area that you should be concerned about.