5 housing trends for the next 3 months

Borrowers will pay a price for applying for debt
5 of 7

Beginning June 1, Fannie Mae requires lenders to check borrowers' credit reports right before closing. If the borrower took on a new credit obligation, the lender will have to recalculate the borrower's debt-to-income ratios.

The rule could cause 11th-hour delays and could even block some loans from being made. Advice: Don't apply for new credit while the mortgage is being processed.




Connect with us