Fred Mullins, Donna Mullins, & Erin Biby
Coldwell Banker Schmitt Real Estate Company
1201 White Street Ste. 101 Key West, FL 33040
Direct: 305-745-9440
Email: mullinsf@bellsouth.net
Website: www.lowerkeys-homes.com
Mortgages with Fannie Mae will soon be following strict guidelines which will be good for some borrowers, but hurt others with new loan limits, restrictions and costs. Currently, the downpayment for Fannie Mae conforming loans is 3%, but will soon increase to 5% for loans submitted after November 16. The attraction to Fannie Mae has been that the cost is so low, and now this higher cost will make it harder for some borrowers to apply for a loan.
Another new change is the terms. Loan limits have been reduced-no mortgages longer than 30 years will be allowed.
Inofrmation obtained from: http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=298309
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