For Sale with Seller Online - Volume 7, Issue 69 - (Page 22) 22 www.forsalewithseller.COM OR www.fsbonetwork.COM INFO ON LENDING…. FSWSP New Jersey – There are new regulations on lending underwriting of note. A new rule mandates that it is now FIVE years after a foreclosure before a borrower is eligible for a new Fannie Mae Loan. Prior to this Direct underwriting would consider loans after just two years. Now that loan will receive a caution, if it has not been a full five years. Unfortunately extenuating circumstances will not be considered if not more than three years and will be manually underwritten. Owners/Buyers must now wait seven years before they are eligible for cash-out refinancing. After five years, the borrower must have a 680 credit score. After the fifth year the borrower must have funds of 10% to purchase real estate. The minimum credit score now is 580. There are some exceptions on certain streamline refi’s that are manually underwritten. LTV (Loan to Value) ratios are also reduced so please consult when applying. DTI (Debt to Income) will be tougher and more regulated. There are Expanded Approvals in manufactured housing, cash out refi for second homes and investment properties. Credit qualifying will be more difficult. More fees could be imposed based on a combo of LTV and credit score. We are in a lending period that sellers and buyers must apply logic. For now gone are the easy financing of a few years ago. There could be many nervous moments once a contract is executed IF you go it alone without FSWSP and experienced mortgage originators. Please remember selling a home is not placing a small classified ad and a Home Depot For Sale Sign on your lawn. We are in a period that FSBO’s need help and ignoring it will be at your own peril. It is about perfect marketing, full service and experience. The cost is low to you IF you use FSWSP. New http://www.forsalewithseller.COM http://www.fsbonetwork.COM
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