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Fannie decided they were hurting the market and reversed their position slightly- agreeing to do 5% down in a declining market.  BUT,  and it was a big but, the PMI companies did not get on board immediately. 

There now seems to be a meeting of the minds and in somewhat limited circumstances you can now do 5% down.

FHA is still a good alternative.

 
Posted by lynn christensen on 06/02/2008 06:58 PM   Comments (0)  
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fannie mae is on board
lynn christensen (Greateast Mortgage ( Wells Fargo))
Fannie is finally reacting to the market. They have been pulling back from doing loans in markets that they determine are "declining in value" Making it very hard for particularly new homeowners to enter the market. This succeeded in putting many…
rate roller coaster
lynn christensen (Greateast Mortgage ( Wells Fargo))
While friends are bemoaning their losses in the investment market, I am smiling and watching the mortgage rates drop to the lowest they have been in many years. I remember, in a former life, hiring young engineers right out of college and they were…
 

lynn christensen

Merrimack, NH

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Greateast Mortgage ( Wells Fargo)

Office Phone: (603) 889-7600 x 265

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