Rochester, WA

As we near June 1, Fannie Mae will change loan application requirements for borrowers and lenders, including those in our Olympia area. These changes are all part of the Fannie Mae double-check part of the Loan-Quality Initiative Plan.

Fannie Mae will require that lenders do a second credit report on borrowers prior to closing. This quality control will let lenders know if borrowers obtained or looked into any new type of debt from the time of application to the closing.

The loans can include cars, appliances, furniture and credit cards. If the lender feels the borrower has accumulated debt in this time period that may affect the home loan, further research will be needed. The credit check will come from a source other than the one received from the original agency.

This change is going to affect the borrower in a couple of ways. It could make them ineligible for the home loan if the lender feels they now have more debt than their monthly budget can handle. It also opens the door for more of their information to be sold to a third party.

What many borrowers do not realize is that not only is the lender pulling their credit report, but they are also allowing credit borrowers to sell their information to third parties. Many agents and brokers will remind borrowers to sign up at the "Do Not Call" list. They can also sign up for "Opt-Out Prescreen" which stops the four credit bureaus (Equifax, Experian, Innovis, and TransUnion) from selling information for five years.

Those applying for a loan after June 1 should be sure they have not applied or looked into any large amounts of credit, or they may lose the chance at a new home mortgage.

For more information on this new loan process, or if you want to learn more about owning a home in our the area, give me a call or visit my Exit Realty Boardwalk site for a look at the best properties in Olympia, Lacey, Shelton, Tumwater, Dupont, Yelm, Rainier, Rochester. I can help you with finding a great home and obtaining loan information.

Today we will be holding our listing at 5420 189th. Lane SW Rochester, WA  Open. If you are looking for a very nicely maintained 3br 2bth home on just over an acre this one is priced right at $223,900 Please stop by between 1pm and 4pm. to tour this home.

If you have any questions you can reach me directly at 253.353.2194

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Scott Cowan | Keller Williams | 253.219.1194 5420 189th. Ln. SW, Rochester, WA Open House Today 2/28 1pm to 4pm Please join us! 3BR/2BA Single Family House offered at $223,950 Year Built 2001 Sq Footage 1,876 Bedrooms 3 Bathrooms 2 full, 0 partial Floors 1 Parking 2 Car garage Lot Size 1 acres HOA/Maint $0 per month DESCRIPTION Well maintained 3br 2bth. home located on just over an acre. Open floor plan allows easy options for entertaining. Lots of parking for both cars and an RV. Detached 2 car garage. Large master bedroom w/ master bath with soaking tub and seperate shower. Walk-in closet in master suite. Lots of storage through out the house. Kitchen has large island that doubles as an eating area. Close to I-5 yet secluded on private lane. -------------------------------------------------------------------------------- see additional photos below PROPERTY FEATURES - Central heat - Fireplace - High/Vaulted ceiling - Walk-in closet - Family room - Dining room - Dishwasher - Refrigerator - Stove/Oven - Microwave - Laundry area - inside - Balcony, Deck, or Patio - Yard COMMUNITY FEATURES - Garage parking ADDITIONAL PHOTOS Front of home Open Kitchen Dining Room Large Living Room Master Bedroom Soaking Tub Contact info: Scott Cowan Keller Williams 253.219.1194 For sale by agent/broker Equal Opportunity Housing Posted: Feb 28, 2010, 7:32am PST