Fannie Mae Increasing Loan Requirements for Home Buyers

December 1, 2009

Daily Real Estate Updates

sudler-sothebys-logo1 December 2009 ? Breaking News ? Fannie Mae has decided to tighten its belt again. Recent news that mortgage backed securities issuance fell 14% from September to October have made FNMA a bit more skittish with home lending. As of December 12th, 2009 FNMA will reject any loan request where the buyer has less than 20% down and credit score under 620. Fannie Mae will also be changing its debt to income ratio to 45%. To the average buyer who does not have the capitol to put down 20%, the only way to go would be with FHA.

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About Katie Anderson

Katie Anderson is a respected and successful broker at Sudler Sotheby's Realty as well as a certified appraiser. She specializes in representing clients who purchase and sell condominiums, town homes, single-family homes and income property in the Chicago land area. In her small amount time in the real estate game (she became an agent in 2003) she has assisted in excess of 400 deals and over $200 million in sales and continues to use her skills as a certified appraiser. Katie resides in Chicago's Bucktown neighborhood with her loving husband and 4-year-old-daughter, where she spends much of her spare time with her family and friends. You can contact her at katie@thechicago77.com or at andersonbraack.com

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