Don Kenney, Associate Broker
Windermere Real Estate/Northwest, Inc.
2636 NW Market Street Seattle, WA 98107 | Direct: 206-910-0732 | Office: 206-789-7700 | Email: dkenney@windermere.com
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A Word for Buyers
Posted on February 2, 2009
Be sure to keep in close touch with your lender in the next several months. There are changes coming to lending standards and practices that may affect your purchasing power in the future. Case in point, this Wall Street Journal article on a new system of setting FICO scores: http://online.wsj.com/article/SB123319739410727467.html
Also coming soon is a new Fannie Mae & Freddie Mac program of "risk-based pricing" for loans, which will rely in part on a matrix of credit score and loan-to-value ratios to determine the price of mortgage products for individual borrowers.
Even if you are a couple of months away from making a purchase, communicate with your lender contact on a regular basis so that you are informed to future changes like these.
