WASHINGTON (AP) -- Fannie Mae says it is doing away with higher down payment requirements for borrowers in distressed real estate markets.
The government-sponsored mortgage financier said Friday it will require down payments of between 3% and 5% for all loans that it guarantees.
That replaces a December policy that required a higher down payment if the loan was for a home in a market with declining real estate prices.
Washington-based Fannie (FNM, Fortune 500) says the move is part of its effort to help resuscitate the flagging mortgage market. See Also
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