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Fannie Mae, Keys To Recovery - Great News!
I wanted to provide you with some great news that surely should add some hope in the air and put a few more thousand families a little bit closer to homeownership. Many of you might recall last December, when virtually all of Northern Virginia (and over ½ of the country), had been declared as being in a “Declining Market.” This had been a point of contention for many consumer groups, including the National Association of Realtors, because both Fannie Mae and Freddie Mac initiated a “Maximum Financing Policy” in these markets that required most buyers to come up with at least a 10 percent down-payment. That killed a lot of potential deals. This policy even affected those with a sterling credit score.
As of June 1, 2008, as little as 3 percent down-payments may be made on conventional, conforming mortgages if you use the Desktop Underwriter, automated underwriting system, throughout all of the United States. This, in conjunction with Fannie Mae’s patented “Community Seconds” that allows a borrower to take a 2nd trust up to 105% backed by a state or local housing agency or an employer; as well as Fannie Mae’s patented “My Community Mortgage” permitting down-payment assistance ... more
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