Our secondary market mortgage dept is doing pre-qualifications for our bank lenders for construction loans. There have been some changes in FNMA guidelines that now it will take longer to convert a construction loan to permanent financing (they now have to show 6 mos of prin & int pmts)so our secondary market will not be keeping these pre-qual files open for that long. When they close out that fil should it be a withdrawn, closed for incompleteness, or ??

How do you show 6 mos of prin & int pmts on a construction loan?? Have they issued commitment letters?

Basically what our secondary market lender said is that after the construction loan is completed then our banker does a new p&i loan for it for 6 months and then our secondary market can refinance it. It is whenever a lot has been owned for less than 12 months. She said Fannie Mae came out with these guidelines in 2008 but are just now being enforced by the investors we use.