Arizona Mortgage & Real Estate NewsConventional Mortgage Guideline UpdateJune 1st, 2017 5:37 PM by Steve Bernstein

Fannie Mae released a few important updates today regarding Conventional Mortgage Loans! The changes will take affect July 29, 2017, and should help more Arizona Home-Buyers and Homeowners procure Conventional Mortgage Approval!

1) Maximum Debt/Income Ratios - The maximum allowable debt-to-income ratio will be adjusted up to 50%. For DTIs above 45% and up to 50%, DU will no longer require, "certain additional compensating factors."

2) Adjustable Rate Mortgages - The new maximum allowable loan to value for adjustable-rate mortgages will be increased to mirror the LTV for fixed-rate mortgages.

3) Self-Employment Income - More Fannie Mae self employed borrowers will only be required to provide one year of personal and/or business tax returns vs. two years.

4. Timeshare Credit Reporting - Timeshare installment loans that are currently reported as mortgage debt and/or mortgage delinquencies will now be treated as an installment loan, and not a mortgage.

For additional questions regarding Buying, Refinancing, or Taking Cash Out of Your AZ Home, Contact Local AZ Mortgage Expert Steve Bernstein To Save! (480) 424-7144 - azcentralmortgage.com, NMLS 1230169 / 1443346, Equal Housing Lender.

* Information provided by Arizona Mortgage Expert Steve Bernstein (480) 424-7144 www.azcentralmortgage.com NMLS 1230169 / 1443346, and sourced thru Fannie Mae.Posted in:Arizona Mortgage & Real Estate News and tagged: Arizona MortgageAZ Home loansArizonaMortgageAZHome buyersRefinancingConventionalPosted by Steve Bernstein on May 31st, 2017 5:37 PMPost a CommentSubscribe to this blog