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Fannie Mae has not come out with the guidelines for the program yet, however, most investors are saying that they expect to begin offering these programs in late November. One lender I contacted through lendersmatch.com suggested I start the application process now so that he could make sure there were no credit issues that needed to be addressed. I may have to sign the application package again after the guidelines are released but I will be ahead of the game because I will have already submitted my income and asset documentation and will avoid the congestion of loan applications sure to occur once the new guidelines are introduced. Very impressed with lender with whom I was matched.
As of the most recent press release today, 11/02/2011, the firm agency guidelines are due in 13 days to release tentative guidelines. Which means that it is likely late November or early December before you will actually start to see the product rolled out to the public. At this time there is no specific time that the program has to be out by. Additionally, not all lenders will enter into the product market right away either as they will want to see the purchase price of the loan product portfolios and also how rigorous the buybacks and performance on the product is.
I don’t know that I would start an application that I have to start all over again as a consumer or may not have the rates that provide me with a benefit. Although it isn’t likely going to hurt you to do so. It will most likely just cause you more work.
Does the timing vary by lender or is there a set start date?
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