As part of those updates Fannie Mae is now eliminating the need to payoff collections or charge offs. (effective 5/19)
Could this be a change to get sub prime loans into Fannie Mae products.
I think so and I am sure there are more changes coming to get these sub prime ARMS into fixed rate products.
Don't sit back and wait for the ultimate product to be released to help the sub prime market - the products may not be new at all - existing products may be tweaked to buy more of the sub prime market.
There is plenty of market out there for those who are willing to work for it!
What can this mean for your clients seeking a new home?