I wanted to give you a couple of tips for getting your loan approved on a Conventional mortgage.
By an large if you are getting a Conventional mortgage that means that your lender will use either Fannie Mae’s or Freddie mac’s underwriting engine to get your loan approved.
This means your lender will upload your loan to an automated underwriting engine (Fannie’s or Freddie’s) and this engine will either approve your loan or it won’t.
Most Conventional loans use Fannie Mae’s underwriting engine. The reason is that for the most part Fannie’s pricing is just slightly better than Freddie’s.
…but both Fannie and Freddie can make their underwriting engines more restrictive at a moments notice.
Right now Fannie’s underwriting engine is tight. This means that things it use to like and approve – now it doesn’t like them and it’s not approving them.
For instance, if your ratios are on the high side, and certainly any ratios over 45% it’s very hard to get approved with Fannie Mae right now.
Another example is that if you don’t have mortgage history among your credit trade lines – Fannie isn’t liking this very much right now either.
One possible solution: If your lender is having trouble getting your loan approved with Fannie Mae tell him to run it through Freddie Mac.
Freddie is approving many loans that Fannie isn’t right now.
Some lenders don’t use Freddie however.
Solution: Use me! …I use Freddie and Fannie! 😉
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
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