**Report Excerpt**
All Lenders And Mortgage Companies Are The Same. Aren't All
Lenders Required To Adhere To The Same Standards And Guidelines
Anyway?
This is an excellent question. We constantly find that there is a great deal of
misunderstanding relating to the idea that every lender has a set of guidelines which have
basically been cast in stone. At our office, we sometimes refer to these as “... the They Sayers.”
An example of this is “...They say you can't get a mortgage if you've just changed jobs or
employers.”
There are many different types of generic guidelines which form the basis for mortgage
approvals. In effect, these are “rules” which lenders use as their baseline for evaluating loans.
The most popularly known guidelines are - FHA, VA, FNMA (commonly referred to as "Fannie
Mae"), and FHLMC (commonly referred to as Freddie Mac"). These guidelines and procedures
change frequently and many lenders will deviate from these guidelines in order to obtain a
special competitive advantage. As a consumer, it is critical that you choose a loan officer who
has a good understanding of the basic guidelines. In addition, you should seek a loan officer with
access to multiple lenders who have the ability to deviate from standard financing guidelines.
You can make a big mistake by going to a lender who only offers one method of financing your
home.
**End Excerpt**
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