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Fannie No longer Requiring Revolving Debt to be Closed when paying off at Close!

Posted by Beverly Hills on May 29, 2015 at 8:35 PM
Fannie No longer Requiring Revolving Debt to be Closed when paying off at Close! FW: Announcement 2015-14 Fannie Mae Updates May 26, 2015 When a revolving account is being paid off at or prior to closing, the current policy requires lenders to document that the revolving account has also been closed in order to exclude the payment from the debt-to-income (DTI) ratio. The Selling Guide has been updated to remove the requirement that the revolving account be closed. Going forward, revolving accounts that are paid down to zero at closing may remain open and no monthly payment needs to be included in the DTI ratio.

Categories: Mortgage related posts

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