Major Changes for Home Buyers from Fannie Mae

Some exciting changes have happened from Fannie Mae for home buyers!

At the end of July, they put in place some major underwriting changes for loans submitted to Fannie Mae’s Desktop Underwriter (DU) system. These changes are making it easier for those looking to buy a home qualify for a loan.

Important Highlights:

  • The maximum allowable debt-to-income (DTI) ratio that can be submitted in DU is now 50%
  • Required documentation for self-employed borrowers has been updated and many cases are now eligible for only one year of tax returns

So how does this benefit home buyers?

  • A wider range of buyers may now qualify for home loans
  • More home buying opportunities for those with debt and those who are self-employed
  • Dream homes are now more attainable than ever

If you are looking to get on the path to homeownership, the first step is to contact Summit Funding HERE. Our expert loan officers will help you get started on your dreams!