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Friday, 23 July 2010 |
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Fannie Mae Loan Quality Initiative June 1, 2010 marked the beginning of Fannie Mae's "Loan Quality Initiative." If you're not familiar with the initiative, now would be a good time to become familiar with it. Why? Well, one of the provisions in the initiative is "credit reveritication" on the day of funding. If your credit changes more than 2%, it's back to underwriting for approval! You need to know how to protect your financing by making smart moves between first and second verification. There are several other important considerations to the initiative as well. Fannie Mae's loan quality initiative: Another potential snag with financing (Boston Globe) Borrowers: Beware the Second Credit Report (Smart Money) For the fine print, don't miss Fannie Mae's page dedicated to the initiative: Fannie Mae Just another hurdle to face but let me take you through every step of the way when you purchase your property here, in Saugatuck/Douglas Lakeshore Area! Pam
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