FYI: NEW HOME DOWN PAYMENT REQUIREMENTS...

Just announced the 20% required down payment on homes has just gone down to 3-5% as of today!!!! That just made my life so much easier! I cant wait to start house shopping again now that we can afford the down payment

Re: FYI: NEW HOME DOWN PAYMENT REQUIREMENTS...

Wow thats great! Where did you see this so that I can show FH...how are the interest rates??

Re: FYI: NEW HOME DOWN PAYMENT REQUIREMENTS...

Fannie Mae scraps higher downpayment requirements
Eds: APNewsNow. Will be led.

Moving on general news and financial
services.


WASHINGTON (AP) - Fannie Mae says it is doing away with higher
downpayment requirements for borrowers in distressed real estate
markets.


The government-sponsored mortgage financier said Friday it will
require downpayments of between 3 percent and 5 percent for all
loans that it guarantees.


That replaces a December policy that required a higher
downpayment if the loan was for a home in a market with declining
real estate prices.


Washington-based Fannie says the move is part of its effort to
help resuscitate the flagging mortgage market.



(Copyright 2008 by The Associated Press. All Rights Reserved.

interest rates are really low right now too

Re: FYI: NEW HOME DOWN PAYMENT REQUIREMENTS...

That's only for Fannie Mae. 20% is never required but it is preferred and the most sensible solution to decrease monthly mortgage payments. Also if you put down the 20% you avoid paying PMI in addition to your monthly mortgage so that definitely helps. I would definitely check on the home forum at Lifamilies.com as it is a great resource, those ladies know their stuff when it come to homes!

Re: FYI: NEW HOME DOWN PAYMENT REQUIREMENTS...

im so confused. My friend sent that to me and told me that I duno I dont even know what fannie mae is lol Can you explain it to me please

Re: FYI: NEW HOME DOWN PAYMENT REQUIREMENTS...

Fannie Mae is a government sponsored mortgage company. It is a private company that provides loans so it should not be confused with FHA loans which are government funded loans usually provided to first time home buyers and that need extra resources for a down payment and closing costs. The only reason why I know stuff like this is because I want to be a young, educated, financially able homeowner one day. FH and I want to own a home by our third year if marriage. Plus I want to be able to put down 20% or more, so once we finish paying for the wedding we will be focused on getting money together for the down payment.

http://www.lifamilies.com/chat/topic.aspx?ID=234654
http://www.lifamilies.com/chat/topic.aspx?ID=245688
http://www.lifamilies.com/chat/topic.aspx?ID=258045

HTH.