Fannie Mae Adding New Arrow to Underwriters’ Quiver

A quick heads up for those in the process of acquiring 1-4 unit income property. Fannie Mae, beginning in just a couple weeks, June 1st, will begin doing second credit reports just before closing, for the purpose of uncovering newly applied for or obtained credit. Geez Louise Myrtle, what’s next?

Though I understand the motivation behind this, it’s really not gonna have much impact on the quality of loans. Why, you ask? Gee, I dunno, now that you know this is gonna happen, are ya gonna wait ’till your new loan(s) closes before you get that new credit card, or the used car you’ve been lookin’ for the last few months? Captain Obvious says…highly unlikely.

Anywho, here’s the post for you to get the lay of the land.

Related posts:

1. A Quick Note — Fannie Mae Increases Investor Loan Limits From 4 To 10 Properties
2. The Ever Changing Fannie Mae Underwriting Guidelines
3. Attention San Diego Real Estate Investors — We Need To Talk