Attfife

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Month

July 2017

Conforming Loan Guideline Changes: Mortgages Just Got Harder to Qualify for

Fannie Mae, public/private purchaser of many residential mortgages announced today that they have revised their guidelines. This means that all conforming loans, the loans that have the lowest interest rates and the best terms, will now have to conform to a new set of standards. The revised guidelines will negatively affect borrowers with low credit scores and borrowers who have had past credit issues. While they did not directly mention a fee increase for the loans they purchase, it is widely expected that they will follow Freddie Mac and add fees for riskier loans.

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