The times they are changing and 2022 Fannie Mae Changes are coming or are already in place from the end of 2016 and the beginning of 2022. Fannie Mae and Freddie Mac or the two Government Sponsored Enterprises, have made some changes to their processes taking affect in 2022. Behind FHA Loans, Conventional Loans whose guidelines are made by Fannie Mae and Freddie Mac, are the 2nd most popular loan in the United States. In the following list you will find the 5 2022 Fannie Mae Changes. Knowing the 2022 Fannie Mae Changes can help you make sure you get the best deal possible when dealing with Conventional Loans this year.
If you are going to be in the market for a refinance this year there might be a situation where you are able to refinance your home without getting an appraisal. In special circumstances your lender may be able to give you a PIW or a Property Inspection Waiver. The one catch here is that your file must be electronically approved through DU or Desktop Underwriter. Since Fannie Mae has the appraisals for millions of homes all over this country, it will be very easy for DU to run your file against the home values and determine if a waiver can be issued.
As we discussed in a previous article you can read here, the 2022 Loan Limits were increased for the first time since 2006. The maximum Conventional Loan that isn’t in a high price area increased from $417,000 to $424,100. Now homes in the high priced areas increased from $625,500 to $636,150. It might not sound like much but after a decade of recession and reduced home values, the economy has finally climbed out of that huge hole.
The Home Affordable Refinance Program or HARP was created for individuals with Conventional Loans by Fannie Mae and Freddie Mac to refinance their loans even if they had a loan balance that exceeded their property value. Borrowers who would like to get in on this deal will have until September 2022 to process a refinance through HARP. After this time and from October 2022 on, HARP will be replaced by a high loan-to-value refinance program. This program will have less restrictions and will hopefully be able to facilitate more refinances for those that need this.
This item right here is still in the works, but Fannie Mae is in the process of developing guidelines for those borrowers who own or lease solar panels in use at their homes. Under normal circumstances, these monthly payments were calculated into the household debt to income ratio. This might be changing as Fannie Mae could begin to not count these payments towards DTI ratio if the lease program meets certain guidelines that have yet to be shared.
With the new release of Desktop Underwriter 10.0, there has been a lot of updates and revamping of the electronic underwriting software used for Conventional Loans. In the new DU, there are features to validate assets, employment, and even income. With these automated changes, it should be easier to get an approval faster and with a lot less hassle. Another benefit of this will be the ability to get an approval from borrowers with no credit scores or just 1 credit score. In the past you would be certain to do a manual underwrite, but this could all be changing for the better.
As you can see there are 2022 Fannie Mae Changes coming and they should all assist in getting more loans processed faster than they currently are. If you are interested in getting your loan closed in 21 days, then you need to contact Loan Consultants today at 888-900-1020 or email us at firstname.lastname@example.org.