Beach Toys
Fannie Mae is initiating a new requirement effective June 1, 2010 as part of its “loan quality initiative”. Los Angeles Times reports on May 16, 2010 that it “requires lenders not only to pull two credit reports for each mortgage transaction but to perform additional verifications of borrower occupancy plans for the property, Social Security numbers and Individual Taxpayer Identification Numbers, among other changes.”
In a quick summary – the borrower should practice self restraint and resist any compulsive shopping for the new home until the loan has funded and closed. This would include the urge to open new credit lines at a furniture store, department stores, car purchase, a line of credit, etc.
This applies to any home purchases with a loan anywhere in the United States – not limited to just Malibu, CA or Calabasas, CA or Pacific Palisades, CA.
If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades, Calabasas or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 her online contact form on her website.
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Judy Kunisaki – CA DRE license 00963582
