Fannie Mae Issues New Lender Letter

 

Selling Policy Update — Selling Guide Updates
Fannie Mae has issued Announcement SEL-2011-05, Selling Guide Updates, which updates the Selling Guide to include policy changes regarding delayed financing, removal of reverse mortgages, miscellaneous condominium updates, and other miscellaneous items. In addition, the Requirements for Document Custodians guide on eFannieMae.com was updated. 

Note: Of importance is the waiving of the 6 month period for cash out seasoning when someone purchases a home without financing.

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