Starting next week, being approved for a home loan could be much more difficult.
Among the updates:
But there are other changes, too. As examples:
Consider this post to be your advance warning. Not everyone that qualifies for a mortgage on Monday, August 31 will qualify on Tuesday, September 1.
Therefore, if you have a pending need for a mortgage — for either a purchase or a refinance — it’s probably best to talk with a lender as soon as possible. The deadline is based on the date of application — not the date of closing.
Read the complete Fannie Mae announcement online.