More Closing Jitters

Receiving your loan approval letter doesn’t mean smooth sailing to the closing table any longer. Fannie Mae has instituted new guidelines that calls for an 11th hour inspection of finances. This strategy was set in motion to counter those buyers who were approved for a loan and then went out and made large purchases on credit. Another concern was to make sure the borrower didn’t lose his or her job. Effective February 1, 2011, Freddie Mac will implement similar guidelines. To keep from experiencing these jitters , make sure you refrain from incurring more debt during this period. A smooth and successful closing will be sure to follow. This New York Times article explains further. Read More

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