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Several Significant Income-Related Underwriting Changes from Fannie

Wednesday, July 1, 2015

Highlights from the most recent update to Fannie's Selling Guide:

Conversion of Principal Residence Requirements

At the height of the financial crisis Fannie Mae required lenders to make a manual application to convert a principal residence to a secondary or vacation property in order to ensure that borrowers had adequate capacity and financial reserves to manage multiple properties.  Effective immediately Fannie Mae is eliminating requirements specifically associated with such a conversions because of other policies now in place that adequately address credit history, rental income and financial reserves and lenders may use these in the future. 

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