Just when they thought they were approved, their file went to the —the financial "detective".
Fees for Fannie Mae and Freddie Mac loans were updated in 2023; borrowers with higher scores may face different fee structures than before, though a solid score still generally secures better terms. 2. The Four Pillars of Approval
One week before closing, David almost bought a new leather sofa on credit. Luckily, their loan officer stopped him.
They looked at the ratio to ensure Sarah and David weren't borrowing more than they could comfortably afford. 4. The Final "Don't"
To get past the gatekeeper, the couple had to prove they were reliable through the :
The cash they had on hand for a down payment and closing costs.
Their ability to repay based on income and employment history.
Their track record of paying back debts like car loans and credit cards. 3. The Underwriter’s Investigation
Just when they thought they were approved, their file went to the —the financial "detective".
Fees for Fannie Mae and Freddie Mac loans were updated in 2023; borrowers with higher scores may face different fee structures than before, though a solid score still generally secures better terms. 2. The Four Pillars of Approval
One week before closing, David almost bought a new leather sofa on credit. Luckily, their loan officer stopped him.
They looked at the ratio to ensure Sarah and David weren't borrowing more than they could comfortably afford. 4. The Final "Don't"
To get past the gatekeeper, the couple had to prove they were reliable through the :
The cash they had on hand for a down payment and closing costs.
Their ability to repay based on income and employment history.
Their track record of paying back debts like car loans and credit cards. 3. The Underwriter’s Investigation
