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Friday, February 6, 2009

Fannie Loosens Refinancing Rules

From Realtor Magazine Online, Daily Real Estate News February 6, 2009

Fannie Mae plans to eliminate some credit-score requirements, scale back income-documentation standards, and waive the need for appraisals in some cases, starting on April 4.

The mortgage finance company believes the changes will allow more home owners to refinance into new home loans at near-record low interest rates.

Analysts say the relaxed rules for loans that Fannie Mae owns or guarantees are unlikely to have a significant impact on mortgage-bond investors and mortgage insurers.

Source: The Washington Post, Jody Shenn (02/06/09)
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