Lenders tighten requirements again!
Freddie Mac has issued it’s newly revised lending guidelines early this November stating that all borrowers will have to have a 45% or less total debit to income ratio. Further more that all borrowers will have to have a 620 or higher credit score. The deadline for all deals currently in process will be December 19Th and will have to be closed and funded by this date. Loans insured by Fannie Mae, Rural Housing, FHA, and VA have not adopted these guidelines as of yet.