this is major housing news

fnm has posted new guidelines for approving homeowners attempting to lower their loan payments with a mortgage refinance. in a notice posted to lenders yesterday, fnm announced that they will drop some credit score qualifications, income documentation standards, and even waive the need for appraisals in some scenarios. changes apply only to those loans owned or guaranteed by fnm, obviously. so let's see - you don't need a credit score or an appraisal for a loan now? this is pretty aggressive stuff, and this will have an affect.