FNMA raises adverse market charge for all loans

Started by jake

over 17 years ago

Posts: 277

Member since: Jan 2007

Discussion about

https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2008/0818.pdf More good news for the real estate market. That is, if you can pay cash and do not need a mortgage. This raises the price of all mortgages even if you have good credit, document your income and assets and have enough for a downpayment. This effects every loan even with LTVs below 75%. Not sure what you do if you have a blemish on your credit or do not have 30% of the purchase price for a downpayment.

Response by mbrokerNY

over 17 years ago

Posts: 103

Member since: May 2008

This is bad. The .25% has been hurting enough, now they do this, it effectively raises all rates .125-.25%. The loan level pricing adjustments are even worse too; if one doesn't have a 740 score its going got cost you!

Goes to show you that all the rhetoric in DC about increased limits bla bla means absolutely NOTHING.

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