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Fannie Mae Eliminates 3% Down Mortgages
In November 2013, Fannie Mae increased the minimum required down payment from 3% to at least 5% down on Primary Residences.  This change was due in part to Qualified Mortgage and Ability to Repay regulations that went into effect on January 10, 2014.
 
The 5% minimum down payment requirement applies both to HomePath® and regular Conventional mortgages.  HomeStyle® Renovation mortgages already required a 5% minimum down payment.
 
 
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