Fannie lowers down payments

Looks like Fannie is making "sense" of this market.  With declining areas, they might be competitive with FHA now.  We will see in the coming weeks how this translates.

The government-sponsored mortgage financier says it will require between 3% and 5% for all loans it guarantees.

The government-sponsored mortgage finance company said Friday it will require minimum down payments of between 3% and 5% for all loans that it guarantees. That replaces a December policy that required a higher minimum if the loan was for a home in a zip code with declining real estate prices.

A Freddie Mac spokesman said the McLean, Va.-based company earlier this month adjusted its policies to make 5 percent down payments available in declining markets. Rather than defining those markets by zip code, Freddie Mac allows appraisers to make that determination, he said.

 
This post has been included in California Information Sacramento County, CA Information
Post is included in group: Realtors®
Post is included in group: Prudential Network
Post is included in group: Century 21 Active Rainers
Post is included in group: NATIONWIDE INVESTORS NETWORK
Post is included in group: The Ninety-ninth Percentile

2 Comments on Fannie lowers down payments

Team Quintana Real Estate  Paul, thank you for that information.  I do believe it will allow a little more flexability.  Thanks again!

05/16/2008 04:50 PM by Spokane Washington Real Estate - Bruno E French (Team Quintana Real Estate - MJ McAdams)

Paul.. I hadn't heard this yet.  I hope it comes to pass.  I know a few people this would help.

05/16/2008 05:15 PM by Valerie Osterhoudt (Johnson Real Estate, Inc.)

Leave a response…

Name:
Notify me of new comments:
Comment:
What does the graphic say?
 
Loan Officer: Paul Bozek (AFR)
Paul Bozek
Sacramento, CA
More about me…
AFR

Cell Phone: (916) 271-4405
Email Me

Links

Tags (Tag Cloud)

Archives

RSS 2.0 Feed for this blog
ATOM 1.0 Feed for this blog

Find CA real estate agents and Sacramento real estate here on ActiveRain.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
© 2007 ActiveRain Corp. All Rights Reserved