Fannie Mae is requiring more stringent reviews of loans from lenders so if you are going to be in the market for a home in the near future keep the following in mind:
- don’t incur any new debt, especially between the time you apply for the loan and the closing on your property;
- don’t apply for credit cards or anything that would require a credit check, as they are going to be looking at all credit inquiries, especially those prior to closing;
- do have plenty of documentation on the source of any large deposits as these are going to scrutinized a lot more closely. If you are getting a gift from a relative for the down payment, make sure you have a gift letter. If you are selling stocks or bonds have a copy of the transaction from your financial institution.
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