Fannie Mae Underwriting Changes 11/16!

Starting 11/16 Fannie Mae will be making some changes to their automated underwriting system. Highlights below:


  1. Credit documents are now good for 120 days on existing and new construction. Existing was 90 days.
  2. Two months bank statements are now required instead of one month for asset verification. DU refi plus loans are still one month.
  3. Fannie Mae will no longer accept any loans over 95% loan-to-value. If you have an approval before the 16th you can still go to 97%.
  4. Fannie Mae is revising the requirement related to the mortgage eligibility date of the existing mortgage loan for DU Refi Plus loans. Currently, to be eligible for DU Refi Plus, the original loan had to have been acquired by Fannie Mae on or before May 31, 2009. The May 31, 2009 eligibility date will now be based on the note date of the original loan. Using the note date is more transparent to borrowers because borrowers know when they closed on their prior mortgage loan. (Borrowers typically do not know when their loan was sold to Fannie Mae.)


Filed under Underwriting guidelines

2 responses to “Fannie Mae Underwriting Changes 11/16!

  1. Thanks, Phil, for your blog,this is the kind of information I believe Realtors and consumers can use. Can you explain what a DU Refi Plus is?

    • Thanks Jim! Fannie Mae and Freddie Mac both have programs where if they own the loan and the loan closed before June 2009, you can refinance even if you are upside down. It’s called HARP (Home Affordable Refinance Program). Fannie Mae is the DU Refi Plus and Freddie Mac is the Freddie Mac Relief Refinance Program. I will be doing a whole blog on the new changes to HARP within the next week.

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