More changes in housing finance to thwart your home purchase: Buyer beware!

Heads up!  More changes in housing finance after August 20^th. 

Effective August 20^th, Fannie Mae’s Desktop Underwriter (which is responsible for the approval of the majority of mortgages today) is being updated to DECLINE more loans that have over an 80% loan to value and/or debt ratios higher than 45%.  This is big news since the majority of buyers today are putting down less than 20% and debt ratio is always an area of concern.  

Thanks a bl**dy lot!  As if it wasnt already hard enough for a poor chap to qualify for a mortgage.  Now we have to worry about this too?  Seller financing anyone???  Oh – I forgot – Dodd Frank Bill will probably abolish that too.  A little help here Mr. President…!!??

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