homestyle: Fannie Mae Eliminates 3% Down Mortgages
- 01/12/14 03:45 AM
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.
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.
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